Journalist WuBlockchain, recently shed light on the questionable tokenomics of the Worldcoin project.
In recent developments, Worldcoin’s team and a prominent investor, identified by the address 0x0D4…CcE7, have been actively distributing WLD tokens. Today, a significant amount of 90 million WLD tokens were transferred to 8 new addresses.
Over the past few days, there has been a noticeable surge in the distribution activity from this address. Approximately 248 million WLDs have been distributed to 26 investor addresses. Notably, a hefty sum of 75 million WLDs was sent to the 3AC address (0xC7…3741).
Despite these large distributions, the 0x0D4…CcE7 address remains a major holder in the Worldcoin ecosystem, retaining a staggering 1.252 billion WLDs.
The primary concern revolves around the tokenomics of the Worldcoin (WLD) coin. The structure suggests a slow dump on its holders, which could lead to significant losses for those who have invested in the project. Such tokenomics are often seen as a red flag in the crypto community, as they can be indicative of a lack of long-term vision and sustainability for the project.
Privacy Concerns Galore
Adding to the skepticism surrounding Worldcoin, authorities from various countries have raised alarms over the project’s approach to user privacy. Here’s a breakdown of the concerns:
- Argentina’s Probe: The Agency for Access to Public Information (AAIP) in Argentina announced on Aug. 8 that it was investigating Worldcoin’s methods of collecting, storing, and using customer data. The primary goal is to ensure the project’s compliance with the nation’s security and privacy regulations.
- Retinal Scans: Worldcoin’s unique approach to user verification involves retinal scans. While innovative, this method has raised eyebrows and concerns about user privacy. Over 2 million accounts registered with Worldcoin before its token launch in July, lured by the promise of this new technology.
- Germany and France’s Concerns: Post the distribution of retinal scanners, Germany’s Bavarian State Office for Data Protection Supervision initiated an investigation over potential privacy breaches. Similarly, the French National Commission on Informatics and Liberty labeled Worldcoin’s data collection methods as “questionable.”
- Kenya’s Stance: On Aug. 2, Kenya’s minister of internal security declared a suspension of Worldcoin’s operations in the country. This decision was made to evaluate any potential risks the project might pose to Kenyan residents. Following this, on Aug. 7, Kenyan police reportedly raided a Worldcoin property, confiscating equipment that might have stored user data.
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