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Singapore probes illegal trading of Worldcoin accounts and tokens

admin — Tue, 10 Sep 2024 12:29:27 +0000

Singapore’s Deputy Prime Minister Gan Kim Yong announced that authorities are investigating seven individuals suspected of illegally buying and selling Worldcoin accounts and tokens, as per a statement on Sept. 9.

Yong, who also chairs the Monetary Authority of Singapore (MAS), said:

“The Police are investigating seven subjects for their suspected involvement in offering the services of buying or selling of Worldcoin accounts and tokens, which constitute offences under Payment Services Act 2019.”

Yong noted that the MAS does not recognize Worldcoin as a qualified payment service under the PS Act. However, he clarified that those who trade Worldcoin accounts and tokens as a business may be engaging in payment services.

According to him, such transactions could be illegal and used to facilitate criminal activities like money laundering and terrorism financing.

Due to this, he warned consumers:

“Consumers should beware of inducements to transfer access of their digital payment token wallet or World ID as these accounts could be misused by third parties. We caution consumers against doing so.”

Worldcoin legal challenges

This investigation into Worldcoin in Singapore comes amid the company’s ongoing legal troubles globally.

Over the past year, regulators like Kenya, South Korea, and Germany have launched probes into Worldcoin’s use of iris biometric data, citing potential breaches of local data protection laws.

However, Worldcoin has continued to abide by local and international laws publicly. The firm has also made critical components of its technology open source to ensure transparency and further enshrine the protection of its users’ data.

Meanwhile, Worldcoin co-founder Alex Blania expressed ambitions to grow the platform on a scale similar to Facebook to increase its utility. Presently, the crypto identity project’s website shows that it has registered more than 6 million users globally in over 160 countries.

Worldcoin’s WLD token is up more than 4% in the last 24 hours and was trading at $1.47 as of press time, according to CryptoSlate’s data.

The post Singapore probes illegal trading of Worldcoin accounts and tokens appeared first on CryptoSlate.

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🚨URGENT | AVOID BUYING THESE 2 ALTCOINS RIGHT NOW!

Altcoin Buzz — Mon, 25 Mar 2024 01:53:34 +0000

These 2 altcoins have massive token unlocks that could seriously affect the price over the coming days. The SandBox is known for its price dumps immediately following their huge twice a year unlocks; and Worldcoin is unlocking 3 million tokens PER day!

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Minecraft integrates Worldcoin (WLD) for ID verification.

admin — Wed, 27 Dec 2023 14:31:49 +0000

Worldcoin (WLD) has been integrated into Minecraft servers for user ID verification.

Through apps like LuckPerms, server administrators will be able to identify who are the bots and who, instead, are the verified users, to whom access to Minecraft games is allowed.

Worldcoin (WLD): verification of integrated blockchain-based ID on Minecraft servers

The famous crypto project dedicated to biometric ID and digital wallet, Worldcoin (WLD), has been integrated into Minecraft servers, in order to achieve its mission of verifying players’ IDs through iris scanning.

In practice, the award-winning game owned by Microsoft, Minecraft, will use Worldcoin technology through apps like LuckPerms, which will only allow access to players who are verified with the World ID method.

In the description of LuckPerms, it talks about the “griefing” problem that Minecraft is subject to, which is when users or bots join only to ruin the experience for others.

Here the partnership will allow server administrators to assign roles with existing permission systems, or prevent players from performing certain actions until they verify with World ID.

Going into more detail, for players who want to access Minecraft, they will now have to type a command (like “/verify”) in the chat and access the link they receive, connected to the website of the integration. The player will verify with the World ID and receive the server role and its permissions!

This integration of a blockchain-based project marks a change of perspective in the world of Minecraft.

In fact, last July 2021, Mojang Studios, the Swedish game developer behind the company, stated that blockchain technology or NFTs “cannot be integrated into client and server apps.”

Worldcoin (WLD) and the integration of its ID verification service in Minecraft and beyond

This is today’s news, which is the latest in a long series that Worldcoin has already somehow announced.

And indeed, recently, Worldcoin has launched World ID 2.0, with the aim of improving and revolutionizing the online experience of cryptocurrencies.

Not only that, its innovative “human” digital passport tool has been launched with integrations for popular apps and services such as Minecraft but also Shopify, Reddit, Telegram, Mercado Libre, and others.

Currently, almost 5 million individuals worldwide own a World ID, and over 2.6 million have verified their humanity through an Orb.

In this sense, the Worldcoin Foundation has announced the open-sourcing of the iris recognition system (IRIS), thus establishing a new standard for end-to-end open source systems.

Accessible on the GitHub repository, the IRIS pipeline can be used by the community to run, build, and experiment with the new state of the art in open-source iris recognition.

The price of WLD

At the time of writing, WLD is worth $3.61, down -4% in the last 24 hours, but fairly stable when considering the past week.

This may be due to the fact that the new integration of Luckperms in Minecraft will only focus on the identity verification function of the Worldcoin project and not on the use of WLD.

Anyway, in the last month of the general crypto bull run, WLD recorded a price pump of +45%.

Its total market cap of over 377 million dollars places it at the 145th position in the overall ranking of cryptocurrencies.

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