The post Worldcoin Faces Data Privacy Breach in Colombia: Will It Sink WLD Coin’s Price? appeared first on Coinpedia Fintech News
Worldcoin, a cryptocurrency startup founded by OpenAI’s Sam Altman, could face severe consequences in Colombia. The country’s Superintendence of Industry and Commerce (SIC) has launched formal proceedings against the Worldcoin Foundation and its partner, Tools for Humanity. This action is due to alleged breaches of Colombia’s personal data protection regulations.
Allegations of Data Policy Violations
Worldcoin, which is involved in collecting personal data through its Orb device, operates in 25 locations across Colombia, including major cities like Bogotá, Medellín, Cartagena, and Barranquilla.
The SIC’s investigation focuses on whether Worldcoin and Tools for Humanity have violated regulations related to personal data protection and privacy policies.
#ATENCIÓN
| La SIC formuló pliego de cargos contra WORLDCOIN FOUNDATION y TOOLS FOR HUMANITY CORPORATION por presuntas infracciones al régimen de protección de datos personales. pic.twitter.com/C0Z3XHpik8
— Superintendencia de Industria y Comercio
(@sicsuper) August 21, 2024
The SIC has issued a preliminary indictment against Worldcoin, aiming to assess if the company infringed on the country’s data protection laws. Potential penalties for Worldcoin include hefty fines, a six-month suspension of data processing activities, or even the complete closure of operations if found guilty.
String of Challenges for Worldcoin
Worldcoin is facing a series of allegations worldwide related to its data collection practices. European authorities have been investigating the project for possible breaches of the General Data Protection Regulation (GDPR) since last year.
In Spain, Worldcoin’s operations have been banned until the end of this year. Hong Kong has recently banned the project’s data collection due to privacy concerns, and Portugal previously suspended Worldcoin’s activities for three months.
Additionally, Argentina has charged Worldcoin with violating consumer laws and is seeking $1.2 million in fines.
Worldcoin’s (WLD) Price Performance
Amid these legal troubles, Worldcoin’s (WLD) market performance has been struggling. However, the Crypto Fear & Greed Index reflects a bearish sentiment, with WLD continuing its downtrend. The cryptocurrency has fallen below key support levels, including the 20-day EMA at $1.67, the 50-day EMA at $2.08, and the 200-day EMA at $3.42.
Meanwhile, the WLD’s price is currently around $1.71, showing a slight 8% increase over the last 24 hours. Despite this short-term bounce, the cryptocurrency remains below significant resistance points. The downward-sloping EMAs suggest that sellers still dominate, and any upward movement may face strong resistance. For WLD to recover, it must close above the 50-day EMA and maintain this level.
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