Singapore Police Investigate Worldcoin Account Selling
Date: 2024-09-10 Author: Henry Casey Categories: IN WORLD
Singapore Police have launched an investigation into seven people suspected of providing services to buy and sell Worldcoin accounts and tokens, Deputy Prime Minister Gan Kim Yong said on Monday.
The investigation is related to possible violations of the Payment Services (PS) Act 2019. The minister made the clarification in a written response to questions from MPs Rachel Ong and Derrick Goh.
Kim Yong clarified that according to the Monetary Authority of Singapore, Worldcoin does not fall under the definition of a payment service under the PS Act. However, those involved in the purchase or sale of Worldcoin accounts and tokens may be providing payment services.
He warned consumers to be wary of offers to hand over control of their digital wallets or World IDs. Such accounts, he said, could be used by third parties for fraudulent purposes.
“We warn consumers not to do this,” he said.
Worldcoin did not respond to Cryptonews’ request for comment at the time of publication.
Singapore police arrest five people for operation selling Worldcoin accounts and tokens Last month, Singapore police arrested five people suspected of providing services to buy or sell Worldcoin accounts and tokens.
Preliminary investigations revealed that three men allegedly recruited people on behalf of various organizations to create Worldcoin accounts. They then took control of these accounts and tokens in exchange for cash. These assets were transferred to a fourth man and a woman who are believed to have been involved in purchasing them and managing their transfer. During the operation, police seized more than 200 mobile phones as evidence.
Global digital identity project Worldcoin raises privacy concerns amid regulatory scrutiny Worldcoin, led by Sam Altman, Max Nowendstern, and Alex Blania, aims to create a global network of digital identities and finance. It aims to differentiate between humans and AI online by using iris scanning via the Orb device to create a secure, privacy-focused “World ID.”
Despite Worldcoin’s use of zero-knowledge proofs to ensure anonymity, its collection of biometric data has raised privacy concerns around the world. Regulators in France, the UK, and Hong Kong are investigating possible privacy violations. Similar investigations have also been launched in Colombia and Argentina, highlighting the tension between technological advancement and privacy rights.
Buying or selling Worldcoin accounts or tokens could raise ethical or legal questions, particularly around data privacy and financial regulation.
