Worldcoin, the controversial altcoin that has faced numerous issues regarding data privacy across multiple countries, received bad news from South Korea. However, despite the hefty fine, the token’s price took an unexpected turn and surged in value.
South Korea Imposes $830,000 Fine on Worldcoin
According to a report by The Block, South Korea’s Personal Information Protection Commission (PIPC) announced today that it has fined Tools for Humanity, the developer behind Worldcoin, over 1.1 billion Korean won (approximately $830,000) for violating local privacy laws. The commission revealed that the Worldcoin Foundation failed to provide sufficient information regarding the purpose and retention period of collected iris data. Additionally, prior to March 22, the foundation did not provide a Korean translation of the biometric data consent form.
Violations and Fines
The Worldcoin Foundation was fined 725 million KRW (around $546,000) for improperly handling sensitive information and transferring it abroad. Furthermore, Tools for Humanity (TFH) was fined 379 million KRW (approximately $285,000) for violating local regulations concerning the transmission of personal data overseas.
This investigation began in February after complaints and reports surfaced, accusing Worldcoin of collecting biometric data without consent in exchange for cryptocurrency tokens.
Response from Worldcoin
In a press statement, TFH welcomed the decision by South Korean regulators and noted that they have addressed the weaknesses identified since the investigation began. Despite the fine, Worldcoin (WLD) managed to stage a remarkable rally, surging by 15.9% in the past 24 hours.
