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News

Worldcoin Fined For Data Violations By South Korea Over Privacy Breach

September 26, 2024 - Around 2 mins mins to read

Key points:

  • South Korea’s Personal Information Protection Commission announced today that it has fined Tools for Humanity over $830,000 for local privacy law violations.
  • Tools for Humanity, the developer behind Worldcoin, welcomed the announcement and added that it has since remedied the identified “weaknesses.”
Worldcoin Fined For Data Violations by South Korea for $830,000, including improper handling of biometric data and insufficient consent disclosure.
Worldcoin Fined For Data Violations By South Korea Over Privacy Breach

Worldcoin Fined for Data Violations in South Korea

According to the PIPC, Worldcoin, and its operating company Tools For Humanity, were each fined $830,000 for improper treatment of user biometric data. Issues included disclosure of consent and overseas data transfer violations.

South Korean regulators said that the companies did not inform the users about the method and process of collecting and transferring the data. Still, they allowed future operations after the issues were rectified.

Read more: Worldcoin Account Sales Under Investigation In Singapore Over Security Risk

Tools For Humanity Faces Fines for Data Handling Violations

As a result, the Personal Information Protection Commission of South Korea imposed a fine on the development team for breaking data protection rules. The breaches include transferring sensitive iris data without proper consent from users and failing to verify the age requirement.

The company said it welcomes the decision, and it believes that the project complies with local laws because necessary changes have been made.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Data Violations

Privacy Breach

South Korea

Worldcoin

Author

William

In the fast-paced world of day trading, I've honed my skills for over six years using technical analysis tools and crafting short-term strategies. My expertise isn't from textbooks but from the trenches of online trading communities. I excel at reading chart patterns, applying technical analysis, and mastering risk management. "The market is about probabilities," I declare. As Editor at Coincu, I empower readers with the insights and strategies to conquer the dynamic world of day trading.