Controversy over Sam Altman’s expulsion… ‘World Coin’ price also skyrockets

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Up 20% on rumors of Altman’s return
Controversy over iris information collection still persists

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The price of World Coin (WLD), which is considered this year’s representative ‘new coin’, is rising following the recent actions of OpenAI CEO Sam Altman. As news of Altman’s departure and rumors of his return alternated, prices also rose and fell.

According to the industry on the 20th, World Coin was traded at 2.47 dollars (3,199 won) on Coin Market Cap at 10 am, right after the rumor of Altman’s return emerged, up 20.67% from the previous day.

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On the other hand, on the 18th, when Open AI announced Altman’s expulsion, World Coin plunged more than 10% in one day, recording $1.84 (2,369 won), a 34% decrease from the current price.

This is the effect of World Coin entering the virtual asset market based on Altman’s reputation. When World Coin was first issued last July, it attracted attention as a coin that would continue the same craze as ChatGPT, given that it was a virtual asset created by ChatGPT’s father, Altman. This is the same phenomenon as the representative meme coin Dogecoin, which fluctuates in accordance with the actions of its supporter Elon Musk, CEO of Tesla.

In fact, World Coin has proven its popularity by being listed on major domestic and international exchanges, including the global No. 1 exchange, Binance, and Bithumb, just one day after its issuance. After listing, it jumped nearly 20 times, reflecting market interest. Previously, World Coin soared to 14,440 won, up 1,941% from the listing price of 760 won immediately after being listed on Bithumb on July 24. It is currently trading at around 3,200 won on Bithumb.

As we do not know where Altman’s exit will lead, it is difficult to predict future price trends. Altman has not commented directly on the expulsion. However, it is known that he is negotiating with the existing management regarding whether to return, as both employees and investors want to return.

Meanwhile, controversy continues to arise regarding the iris information collected by World Coin. World Coin has drawn the line that there is no possibility of the iris information being leaked as it is deleted after being encrypted, but some are still raising the possibility of abuse through hacking. In fact, a Chinese media outlet recently reported that WorldCoin user information that has completed iris recognition is being sold on the black market.

World Coin users provide iris data and receive 25 World Coins in return. When iris information is stored in an iris recognition device (orb) developed by World Coin, a World ID is created, and World Coin is received through that ID. Previously, Orbs were installed in Euljiro, Yeoksam, and Gwanghwamun in Korea.

At the time of World Coin’s issuance, CryptoQuant CEO Joo Ki-young said, “I still do not understand the purpose of World Coin, which is to replace Bitcoin as a global digital currency. The iris information (they collect) is not even used for wallet management.” He expressed doubt.

Vitalik Buterin, founder of Ethereum, also pointed out, “World Coin has risk factors such as personal information leakage, ethical issues, and security issues.”

An American science journal also criticized World Coin’s method of collecting iris information in June last year. MIT Technology said, “World Coin used deceptive methods to collect people’s iris information in countries such as Indonesia, Kenya, and Chile.” It also collected iris information from poor villages under the guise of charity projects using donations or prizes, or sent iris information to users. “They did not properly inform us about the purpose of iris collection or the scope of personal information collection,” he said.

Source: Donga

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