Worldcoin Investigated for Privacy Risks in Hong Kong
The Privacy Commissioner’s Office in Hong Kong has conducted an investigation into Worldcoin, raising concerns about potential privacy risks associated with the cryptocurrency. The investigation focused on the use of iris verification by Worldcoin, which was deemed to involve serious personal data privacy risks. The Privacy Commissioner stated that iris data is considered sensitive personal data and may violate the Privacy Ordinance. This comes at a time when Hong Kong is intensifying its scrutiny over privacy and data protection.
Concerns Over Iris Scan
The main focus of the investigation was on Worldcoin’s use of iris verification, which collects biometric data. Biometric information is considered sensitive personal data due to its distinct, unchangeable, and unique nature. Any entity handling personal data in Hong Kong must comply with the Privacy Ordinance and applicable data protection standards.
Hong Kong’s Increased Scrutiny on Data Privacy
Reports indicate a significant increase in reported hacking and breach instances in Hong Kong, with public sector organizations being involved in about one-third of these cases. In response to the rising number of data breaches, Hong Kong is stepping up its scrutiny and implementing new security measures. The recent cyberattacks have prompted the government to take stricter actions to address the situation.
Impact on Worldcoin Prices
Following the investigation, Worldcoin’s prices have fallen by 11.2% in the last 24 hours, with a market cap decline of 11.4% to $284.5 million. Trading volumes have also surged by 50%, with Binance accounting for the majority of trades.
Hot Take: Worldcoin Faces Privacy Breach Allegations in Hong Kong
The investigation conducted by Hong Kong’s Privacy Commissioner’s Office highlights the growing concerns over privacy risks associated with Worldcoin. The use of iris verification has raised questions about the protection of personal data and potential violations of privacy laws. This incident further emphasizes the need for strict regulations and measures to safeguard individuals’ privacy in the cryptocurrency space. It serves as a reminder for crypto enthusiasts to be cautious about sharing personal information and for companies to prioritize data protection in their operations.
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