Key Takeaways:
- Sam Altman’s Worldcoin claimed that 9,500 users signed up in Argentina.
- However, the project’s success in the region might be a lie.
- WLD price is down nearly 60% in less than six weeks.
NEW DELHI (CoinChapter.com) — ChatGPT CEO Sam Altman’s Worldcoin, the crypto project that awards tokens to users for scanning their eyes, claimed a record registration of 9,500 users in Argentina in a single day.
However, a user from Argentina took to Reddit to claim that reports of Worldcoin’s recent success in the country are fake. The user, u/EmaHeiwa, noted that Worldcoin’s hype in Argentina was not as high as the project claimed.
My friends who are aware and casually follow the crypto market news, a WhatsApp group on the subject I am a part of, and countless hours wasted on social media. I can tell you nobody knows anything about this [Worldcoin]. I’m not joking.
The reddit user stated
u/EmaHeiwa called the firm a “vulture company,” stating it was sad that Worldcoin took advantage of the poor economic conditions in the nation. The Reddit user noted that the US dollar sometimes had five different exchange rates, highlighting the economic turmoil in the country.
Furthermore, the user noted that prices for everyday goods have climbed steeply, so common people would find it difficult to invest in the crypto market. In addition, the post also alleged that the government’s rules force users to hold their fiat currencies.
Other Reddit users criticized Worlcoin’s practices, stating that it bordered on exploitation. Users observed that Worldcoin was likely targeting the economically weaker sections of society to expand their reach.
One user wrote, “F**k Worldcoin, really.”
Worldcoin Claims Near 10,000 Sign-Ups In A Day, But Controversies Continue
On Aug 31, Worldcoin shared in a blog post that the platform saw over 9,500 user registrations in 24 hours, translating to about 1 user every 9 transactions. The platform pays users to prove they are human by scanning their iris through a device Worldcoin developers labeled “The orb.”
Currently, Worldcoin pays users 25 WLD tokens, or just above $29.25. Moreover, the demand briefly catapulted the Worldcoin app to the number 1 position in the app store in Argentina.
The project has faced some criticism right from the onset. Moreover, several prominent figures in crypto shared concerns regarding the project. Ethereum chief Vitalik Buterin released a blog post highlighting four major concerns regarding the project’s user authentication system.
But that was the least of Worldcoin’s worries. Officials from the Agency for Access to Public Information (AAIP) announced an investigation against the firm. The investigation would scrutinize the processing of personal data by Worldcoin.
The investigation would analyze data collection, storage, and use of data by Worldcoin. AAIP would analyze the results to study the potential impact of the project’s registrations on Argentinians’ privacy rights.
Additionally, the Government of Kenya suspended the controversial crypto project within the country’s borders.
WLD Price Declining Steadily
Meanwhile, WLD token price has steadily declined after reaching an ATH of $2.717 on July 27 earlier this year.
From ATH, the WLD token price has dropped over 58% since its ATH, currently trading at $1.14. Over the past seven days, the WLD token price saw high volatility before bears took control of the token’s price action.
