According to ChainCatcher, Singapore Deputy Prime Minister Gan Wenqian announced that the Singapore police have launched an investigation into seven individuals suspected of providing Worldcoin accounts and token trading services. The investigation involves possible violations of the Payment Services Act 2019, and the police have arrested five people.
Initial investigations revealed that three men were suspected of recruiting people to create Worldcoin accounts on behalf of multiple entities, and then controlling these accounts and tokens in exchange for cash. The assets were then transferred to a fourth man and a woman, who are believed to be involved in purchasing and managing the transfer of these assets. During the operation, police seized more than 200 mobile phones as evidence.
The Worldcoin project aims to create a global digital identity, but its collection of biometric data has raised privacy concerns around the world, with regulators investigating it in France, the UK, Hong Kong, Colombia and Argentina.
