Worldcoin faces backlash over token and data practices

Worldcoin faces backlash over alleged predatory token tactics, biometric data collection in low-income regions, and insider sales, as its WLD token drops 98% from its peak. Privacy and integrity concerns are mounting.

Worldcoin is facing heightened scrutiny after blockchain investigator ZachXBT accused the project of employing predatory low-float token tactics, drawing parallels to FTX. According to ZachXBT, Worldcoin distributed small amounts of its WLD token to individuals in low-income countries in exchange for their biometric data. This has reportedly led to the rise of a black market for verified accounts. Concerns have also been raised about the project's tokenomics, with reports of unsustainable token supply inflation and alleged insider sales via over-the-counter trades. These practices have sparked debates about Worldcoin's integrity, privacy standards, and long-term sustainability. The controversy escalated when Elon Musk publicly criticized Sam Altman, further amplifying scrutiny. The WLD token has plummeted 98% from its all-time high, intensifying concerns within the crypto community.