Key Takeaways:
- WLD coin price lolls at $2.2, with a bleak chance of a rally in the coming session.
- CertiK audit company asserts Worldcoin fixed the security flaws found in late May.
- However, concerns about the project’s ability to handle sensitive information persist.
YEREVAN (CoinChapter.com) – Worldcoin (WLD), a controversial digital ID crypto project, price flatlined at $2.2 in the Asian-Pacific session on Aug 4, oscillating around the said line since July 31.
WLD coin price flatlines for a week
The WLD coin price was unable to breach resistance at $2.5 and traded below its 20, 50, 100, and 200-1h exponential moving averages. WLD coin price retested the noted $2.2 line as support, but low trading volumes are not likely to spike the price in the upcoming sessions.
Worldcoin fixed the bug, but concerns persist
Meanwhile, the coin faced unfavorable audit results from crypto security company CertiK. The latter reported a security flaw to the WorldCoin security team on May 29 that allowed an attacker to bypass the verification process to become an Orb operator. The WorldCoin team confirmed the vulnerability and released a fix.
CertiK has also verified and confirmed that the vulnerability is fixed.
In a normal case, only legit businesses that pass WorldCoin’s strict identification verification process can run an Orb operation, which collects users’ iris information. WorldCoin’s security team confirmed the security vulnerability and promptly issued a fix.
asserted the CertiK team.
The audit firm added that details of the finding and how the vulnerability was mitigated will be publicly available “at some point in the future.”
Concerns remain about the project’s ability to hold private information private.
In detail, Worldcoin claims to provide a “seamless digital identity experience” and make strides in online human identification.
However, the project’s launch has been criticized by privacy activists, and cybersecurity experts alike. Ethereum co-founder Vitalik Buterin also voiced concerns about the vulnerability of World IDs. He underscored the real threat of unauthorized scanning of someone’s iris to determine their World ID status.
Moreover, MIT Technology Review reporters also accused Worldcoin of employing deceptive marketing practices and collecting more personal data than disclosed while lacking informed consent. The project’s early signups from developing countries with less stringent data and privacy laws drew further scrutiny.
Kenyan Government banned the coin outright, citing the aforementioned concerns. In detail, according to some estimates, as many as 400,000 Kenyan citizens have already registered. Each individual who utilizes Worldcoin’s glossy orbs to scan their iris receives 25 Worldcoin tokens.
