According to Odaily Planet Daily, Terence Kwok, CEO of Worldcoin competitor and Humanity Protocol, once bankrupted his smartphone company valued at $1.5 billion and burned $170 million of investors' funds. Kwok founded Tink Labs in 2012, a unicorn company that raised hundreds of millions of dollars to provide hotels with smartphones for guests to use during their stay. However, the company began operating at a loss in 2017 due to its aggressive expansion policy and other reasons. In the end, Tink Labs' European division began liquidation in January 2020 and subsequently entered bankruptcy proceedings. Last year, Kwok launched Humanity Protocol, a blockchain-based identity verification company that relies on scanning people's palms as a way of identification.
