Singapore Police Launch Investigation

Singapore police have investigated seven individuals suspected of offering services to buy and sell Worldcoin accounts and tokens.

Deputy Prime Minister Gan Kim Yong announced this on Monday, responding to questions posed by MPs Rachel Ong and Derrick Goh. The investigation stems from possible 2019 Payment Services (PS) Act violations.

Kim Yong clarified that, according to data from the Monetary Authority of Singapore, Worldcoin does not qualify as a payment service under the PS Act.

However, those buying or selling Worldcoin accounts and tokens could offer a payment service. He warned consumers to stay alert against offers to give up control of their digital payment token wallets or World IDs.

"We caution consumers against doing so," he emphasized.

Singapore Police Arrest Five

Last month, the Singapore Police Force arrested five people for allegedly offering a service to buy or sell Worldcoin accounts and tokens. Initial investigations revealed that three men reportedly recruited people on behalf of various entities to create Worldcoin accounts.

These accounts and tokens were then taken over in exchange for cash. Subsequently, the assets were passed to a fourth man and a woman, believed to be involved in purchasing and managing their transfer. During this operation, the police seized over 200 mobile phones as evidence.

Worldcoin's Global Identity Project

Worldcoin, led by Sam Altman, Max Novendstern, and Alex Blania, aims to build a global digital identity and financial network. It focuses on distinguishing humans from AI online by using iris scans through the Orb to create a secure, privacy-focused "World ID."

Although Worldcoin uses zero-knowledge proofs for anonymity, its biometric data collection has raised privacy concerns worldwide. Regulatory bodies in France, the UK, and Hong Kong are investigating potential privacy violations.

Similar inquiries have also started in Colombia and Argentina, highlighting the tension between technological progress and privacy rights.

Buying or selling Worldcoin accounts or tokens may raise ethical or legal questions, particularly concerning data privacy and financial regulations.