Singapore Police Launch Investigation Into Worldcoin Account Sales: Minister

2024-09-09 19:21:24

Singapore Worldcoin

The Deputy PM said that Worldcoin isn’t classified as a payment service under the Payment Services Act, but those trading its accounts and tokens may be offering one. Last updated:

September 9, 2024 23:21 EDT

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

September 9, 2024 23:21 EDT

Why Trust Cryptonews With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews Singapore police have launched an investigation into seven individuals suspected of offering services to buy and sell Worldcoin accounts and tokens, Deputy Prime Minister Gan Kim Yong announced on Monday.

This investigation stems from possible violations of the 2019 Payment Services (PS) Act. The minister clarified this in a written response to questions from MPs Rachel Ong and Derrick Goh.

Kim Yong explained that, as per data available to the Monetary Authority of Singapore, Worldcoin does not qualify as a payment service under the PS Act. However, those involved in buying or selling Worldcoin accounts and tokens could be offering a payment service.

He warned consumers to stay against offers to give up control of their digital payment token wallets or World IDs. These accounts, he noted, are at risk of being misused by third parties.

“We caution consumers against doing so,” he said.

Singapore Police Arrest Five in Worldcoin Account and Token Sales Operation

Last month, the Singapore Police Force arrested five people for allegedly offering a service of buying or selling of Worldcoin accounts and tokens.

Last month, the Singapore Police arrested five individuals suspected of buying or selling Worldcoin accounts and tokens. Initial investigations revealed that three men allegedly recruited people on behalf of various entities to create Worldcoin accounts.

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

Worldcoin’s Global Identity Project Raises Privacy Concerns Amid Regulatory Scrutiny

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 collection of biometric data 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.

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