Tools For Humanity, the company behind the development of Worldcoin, “welcomes” the decision of the South Korean regulator to fine them $850,000, considering this action as the end of the proceedings against it.
South Korea demands $850,000 from Worldcoin
Tools For Humanity (TFH), the company behind the Worldcoin project, and the eponymous foundation, are forced to pay fined South Korea more than $830,000 following the judgment of the South Korean Personal Information Protection Commission (PIPC).
Worldcoin is a controversial project, founded by Sam Altman, which aims to provide a decentralized digital identity (DID) by leveraging biometric recognition, blockchain technology and artificial intelligence (AI). Worldcoin's methods for storing and collecting data are regularly the target of attacks by different regulators around the world.
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This fine follows the PIPC's accusations against the Worldcoin Foundation for alleged violations in the collection and transfer of personal data.
Indeed, the Worldcoin foundation is accused of not having sufficiently informed the persons concerned about the purpose of collecting their scanned iris data as well as the duration for which this data would be kept.
In addition, the PIPC criticizes Worldcoin for not having provided a Korean translation of its biometric data consent form before March 22.
Thus, the Worldcoin Foundation and Tools For Humanity were respectively fined 725 million won ($545,000) and 379 million won ($285,133).
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Worldcoin welcomes regulator's decision
Although the Tools For Humanity entities and the Worldcoin Foundation are required to pay a fine to the South Korean regulator, it should be noted that a sum of $830,000 is derisory for the latter.
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Despite the sanction, Tools For Humanity welcomed the regulators' decision, saying the decision by the South Korean Personal Information Protection Commission (PIPC) effectively ended the country's prosecution of Worldcoin..
The PIPC investigation, which identified weaknesses in the original information provided by TFH during its initial launch in South Korea and which has since been corrected, effectively concludes that TFH's operations, including the use of orb for humanity verification, comply with the South Korean Personal Information Protection Act
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Source: PIPC press release
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Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.
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