To contest the recent directive from Spain’s AEPD through a legal challenge, Tools for Humanity created Sam Altman’s Worldcoin.
Worldcoin, an OpenAI CEO Sam Altman-co-founded iris biometric crypto project, has initiated legal proceedings against Spain in response to a directive from Spain’s data protection authority AEPD to cease the collection of personal data within the country or to cease the use of data that has already been gathered.
TechCrunch reported on March 8 that San Francisco and Berlin-based Tools for Humanity created Sam Altman’s Worldcoin in response to AEPD’s recent legal challenge.
Worldcoin, according to Tools for Humanity, complies entirely with all laws and regulations governing the acquisition and transfer of biometric data, including the General Data Protection Regulation (GDPR) of Europe. The organization has filed a lawsuit against the order.
“As a result, we have been in consistent and ongoing dialogue with BayLDA, our lead data privacy regulator in the EU, for several months. We are disappointed that Spanish regulators have circumvented accepted EU procedures and rules, leaving us with few options but to file a lawsuit,”
A comparable regulatory assault was previously implemented on Worldcoin due to its sensitive iris biometric data acquisition. Regulatory concerns prompted Worldcoin to temporarily pause the Orb-verification service in France, Brazil, and India.
In the past, the PIPC of South Korea initiated an inquiry into Worldcoin in light of concerns regarding collecting and utilizing personal information, particularly iris and face scans.
The commission voiced apprehensions regarding potential infringements of the Personal Information Protection Act. The PCPD (Privacy Commissioner’s Office) of Hong Kong carried out a comparable inquiry. The PCPD investigated potential privacy risks at six Hong Kong Worldcoin locations.
WLD Price Dips
The price of Worldcoin increased by 300 percent over the past few months but has since declined in response to recent criticisms of its data collection practices.
At $7.32, the price of WLD has increased by 2% over the previous twenty-four hours. The respective 24-hour minimum and high prices are $7.08 and $7.43. Nonetheless, trading volume has decreased by forty percent over the past twenty-four hours, indicating a decline in investor interest.
Furthermore, on February 25, WLD experienced a transient surge in value, peaking at $9.33, which caused its market capitalization to exceed $1 billion briefly. However, the disclosure of Elon Musk’s OpenAI lawsuit precipitated a market-wide frantic sell-off.
