Kenyan police have reportedly closed their investigation of Worldcoin, allowing the latter to resume its activities in the East African nation. The chief legal officer at Tools for Humanity confirmed that Worldcoin would soon resume registering Kenyan users. Tools for Humanity Praises ‘Fair’ Investigation The Kenyan police have reportedly concluded their investigation into Worldcoin, which […]
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Here’s Why The Worldcoin (WLD) Price Surged Over 15% In One Day To Reach $3
Worldcoin (WLD) is currently enjoying an upward trend, with the crypto token surging by over 15% in a single day to reach . This development is thanks to the recent strides that the Worldcoin team has made to achieve the goals of the crypto project.
Expansion Of Worldcoin’s World ID Provides Bullish Momentum
The Worldcoin team recently announced that World ID, the project’s global identity network, would be making an entry into Ecuador. Locals in the country can get verified using the Orb to join Worldcoin’s identity network. The team mentioned that verifications will be available at six locations across two Ecuadorian cities.
Verification will begin at the port city of Guayaquil on June 26, while the other verification locations will be set up in the Capital city of Quito on June 27. Worldcoin stated that anyone 18 years or older who is interested in joining the over 5 million people participating in the Worldcoin network can get Orb verified in either of those two cities.
This development undoubtedly provides bullish momentum for the Worldcoin token, considering the role the crypto token plays in achieving the team’s vision of providing a global identity for everyone. Worldcoin’s entry into Ecuador is also a much-needed boost, given the regulatory scrutiny and negative publicity that has overwhelmed Worldcoin’s ecosystem.
Worldcoin also noted that its upcoming launch in Ecuador comes at a time when the project is set to expand further in Argentina through direct investments in the country and the launch of more Orb verification locations. As part of the investment, Worldcoin contributors such as Tools for Humanity (TFH) will sponsor professional opportunities for at least 50 developers, operations specialists, software engineers, data analysts, and other professionals in the country.
Additionally, Worldcoin announced that 50 World ID orb verification locations, including two experience stores, will be set up in over ten cities across Argentina. These locations are expected to open sometime during the summer in the country.
More Good News For Worldcoin
Kenya’s local media, The Star, recently reported that the government has dropped its investigation into Worldcoin. Worldcoin had earlier had to suspend its World ID verifications in the country following allegations of unlawful collection and transfer of personal data belonging to locals.
However, upon investigating and reviewing these allegations, the country’s Directorate of Criminal Investigations (DCI) determined that they had no substance and directed that the investigation be dropped with no further action from law enforcement agencies. The Star noted that this development will likely pave the way for Worldcoin to resume its operations in Kenya.
Worldcoin’s operations in Kenya were largely successful. Over 635,000 Kenyans are said to have downloaded the World App, although more than half of these individuals had yet to verify their identity using the Orb.
Worldcoin to Establish Latam Hub in Argentina Despite Heavy Scrutiny
Worldcoin, the biometric identification project, has announced a new expansion process in Argentina, where it reportedly will seek to open 50 new locations with eye-scanning hardware. The announcement comes after Buenos Aires indicted Tools For Humanity, the company behind Worldcoin, for including abusive clauses in its service agreements, and a meeting between Worldcoin executives with […]
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Worldcoin Agrees to Temporarily Stop Operations in Spain
Worldcoin, the biometric proof-of-personhood identification protocol, has agreed to temporarily stop its operations in Spain. According to statements from the Spanish privacy watchdog AEPD, the company committed to stop its data collection practices for a year or until Baviera’s privacy regulator finishes its investigation into Worldcoin’s inner workings. Worldcoin to Pause Biometric Data Collection Activities […]
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Worldcoin Officially Launches in Colombia
Worldcoin, the iris-scanning biometric proof-of-personhood project, announced on Thursday the launch of its operations in Colombia. Via social media, the project reported that eye-scanning operations were already available in Bogota and Medellin, for World ID users. Currently, only ten locations with orbs (iris scanning machines) are available, six in Bogota and four in Medellin. Nonetheless, […]
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Hong Kong Regulator: Worldcoin Activities Violated Privacy Ordinance
The Hong Kong data regulator recently concluded that Worldcoin’s data collection methods and activities violated the region’s “privacy ordinance.” Privacy Commissioner Chung Liling has issued an enforcement notice requesting Worldcoin to cease data collection from Hong Kong residents. Worldcoin’s Excessive Data Collection Methods An investigation by the Hong Kong Office of the Privacy Commissioner for […]
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No Ties To OpenAI: Worldcoin Drops 9% As Top Trader Issues Warning
Worldcoin (WLD) has seen its value plummet by nearly 9% in just 24 hours, with the price settling at around .20. This decline aligns with a critical analysis issued by DeFi^2 (@DefiSquared), the current top trader on the crypt exchange Bybit, who has raised concerns about the potential for substantial inflationary pressures and misleading marketing associated with Worldcoin.
Notably, the WLD plunge comes just after OpenAI, the creator of ChatGPT, announced on Monday its plans to unveil a cutting-edge AI model named GPT-4o. This advanced model boasts the ability to engage in lifelike voice conversations and seamlessly interact across text and images. Worldcoin is usually a beneficiary of OpenAI announcements, but this time WLD price plunged.
Why Worldcoin Is Plummeting
In his analysis shared on X, DeFi^2 expounded on the mechanics behind the rapid devaluation of Worldcoin, emphasizing that the token is suffering from significant daily depreciation due to both emissions and strategic sales maneuvers by the Worldcoin Foundation.
Specifically, the token’s value is deteriorating at a rate of 0.6% each day, driven by the emissions related to grant and operator claims. These tokens, as per DeFi^2’s observation of on-chain analytics, are predominantly sold off almost immediately upon issuance, adding to the downward pressure on Worldcoin’s price.
Adding to the supply concerns, the Worldcoin Foundation recently declared its intention to offload 0 million worth of Worldcoin to trading firms. This move will effectively increase the circulating supply by an additional 18%. DeFi^2 criticized this decision, pointing out that the tokens, misleadingly attributed to a “Community” allocation, are being sold at a discount to entities that may not prioritize the broader community’s interests, potentially diluting the value for existing holders.
The most critical issue highlighted by DeFi^2, however, pertains to the near future, when unlocks for venture capital and team-related tokens are set to begin. He forecasts that in just 70 days, the supply of Worldcoin will start to inflate at an alarming rate of 4% per day due to these unlocks combined with ongoing emissions. This scenario could unleash nearly million worth of sell pressure daily, profoundly impacting the token’s market price and stability.
DeFi^2’s analysis did not shy away from addressing the perceived misconceptions surrounding Worldcoin’s affiliation with notable tech personalities and organizations. He clarified that Sam Altman, known for his role with OpenAI, has no active involvement with Worldcoin, which operates as a completely separate entity. This point addresses a common misconception that potentially misled investors about the nature and backing of the token.
Moreover, DeFi^2 drew parallels between Worldcoin’s tokenomics and what he describes as “predatory” economic models that are engineered to disproportionately benefit early investors and insiders at the expense of general retail investors. He noted that similar strategies had been used in the past in the crypto industry, where the manipulation of token supply and market conditions facilitated significant gains for insiders while leaving regular investors exposed to heightened risks and losses.
“Worldcoin realistically might become the greatest transfer of wealth of this entire cycle. Unfortunately, this wealth transfer isn’t in the form of universal basic income as their mission suggests, but instead to the pockets of the team and insiders,” DeFi^2 stated. He added that “the manipulative low float / high FDV design is straight out of the SBF playbook, and directly enriches insiders as they hedge their locked allocations at high valuations pre-unlock via perps / OTC; yet retail somehow sadly still think they’re beating the system trying to push the price up.”
As the crypto community digests DeFi^2’s stark warnings, the immediate reaction has been a surge in trading activity to 6 million (up 104% in the last 24 hours), with investors and speculators likely reassessing their positions in Worldcoin in light of these revelations. At press time, WLD traded at .24.
Worldcoin CEO Met With Argentine Government Officials Amidst Ongoing Probes
Alex Blania, CEO of Tools For Humanity, the company behind Worldcoin, recently traveled to Argentina and met with high-profile officials of President Milei’s administration. The objective behind these meetings would be to clarify this project’s objectives given that it has found opposition from local regulators who allege Worldcoin is violating the Argentine citizens’ rights. Worldcoin […]
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This Week’s Crypto Gainers: Worldcoin Leads Surge, ZBC and SEI See Largest Declines
Although last week saw some progress compared to the previous one, bitcoin has only experienced a slight 2% increase, whereas ethereum has incurred a 1.6% loss during the same period. Among alternative cryptocurrencies, worldcoin (WLD) emerged as the standout performer, surging by 32.4% against the U.S. dollar, while render (RNDR) experienced a notable spike of […]
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Buenos Aires Targets Worldcoin With Eye Scanning Biometric Bill
A bill that seeks to regulate the activities of companies that scan the eyes of their users, like Worldcoin, has been recently introduced in Buenos Aires. The law aims to protect the app users’ rights and help them to secure and determine the destination of the biometric data collected by these entities. Eye Scanning Bill […]
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