Iris scan of virtual currency ‘Worldcoin’ mentions measures to prevent fraudulent transactions - OhNo WTF Crypto

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Iris scan of virtual currency ‘Worldcoin’ mentions measures to prevent fraudulent transactions


Buying and selling “proof of being human”

China’s crypto asset (virtual currency) / Web3 media “BlockBeats” is illegally sold on the black market on the 18th. tweeted.

Worldcoin is a project that aims to “distribute cryptocurrencies to people all over the world” and was launched by OpenAI co-founder Sam Altman with physicist Alex Brania. For free token distribution, a volleyball-sized biometric device “Orb” is used to scan the retina of the eye and identify individuals with their unique irises.

According to the tweet, Worldcoin is spreading by word of mouth in mainland China, even though registration for the Worldcoin app is not available in China. That’s because Chinese cryptocurrency users have found a “new way” to buy irises scanned in Cambodia and Africa for less than $30 and register them in an app.

A broker who illegally sells KYC personal information is suspected of collecting and selling irises from Cambodian village residents, and similar activity has been reported in Kenya and other African regions. .

Worldcoin’s token is expected to launch in the first half of this year, and the project announced last week the public launch of its ecosystem wallet, World App, and integration with Ethereum L2, Optimism.

connection:Worldcoin Announces Collaboration with Ethereum L2 “Optimism”

fraud protection

In response to the above allegations, Worldcoin identified “suspicious and potentially fraudulent activity” in which a third party was registered on the app instead of the person who received the biometric authentication through continuous monitoring. He emphasized that the number of such cases is very small (limited to a few hundred).

Worldcoin said it will take steps to combat such fraud, including adjusting the registration process and implementing dynamic QR codes.

In addition, by re-scanning the iris with an “orb”, a mechanism has been introduced that allows the recovery of the World ID given to the authenticated account, so it is also possible to prevent illegal ID sales in the same way. Connected, the project explains.

However, Worldcoin points out that it is important to recognize that it is impossible to completely prevent “fraudulent collusion and other attempts to circumvent personal authentication”. He stressed the need for “innovative ideas on mechanism design and attributes of social relations” to address the problem.

new funding

Worldcoin is preparing to launch its mainnet in the next six weeks and is in talks to raise about ¥13.8 billion ($100 million) in funding, according to a report by the Financial Times on the 14th. It says.

Worldcoin has raised 3.4 billion yen and 13.5 billion yen worth from investors including Andreessen Horowitz (a16z) and Coinbase Ventures twice in October 2021 and March 2022, respectively. Worldcoin is valued at approximately ¥415 billion ($3 billion).

The Worldcoin ecosystem already has over 1.7 million registered users worldwide.

connection:Virtual currency “Worldcoin” involved in WChatGPT founders to newly raise 10 billion yen

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OhNoCryptocurrency via @Kurt Ebenzer, @Khareem Sudlow