South Korea Hits Worldcoin With Nearly $1 Million Fine–Here’s What Happened

Quick Summary:

South Korea’s Personal Information Protection Commission (PIPC) has imposed a fine on Tools for Humanity, the developer behind the Worldcoin project, for violating local data privacy laws.

The commission announced that the company was fined over 1.1 billion Korean won (roughly $830,000) for allegedly mishandling personal data and breaching overseas data transfer regulations.

In a press release, the company stated that they “welcome” the PIPC’s decision and emphasized that the weaknesses identified were related to the initial disclosures provided when Worldcoin first launched in South Korea.

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Article Details

Author / Journalist: Samuel Edyme

Category: Crypto

Markets: HungarySouth KoreaThailand

Topics: Worldcoin Altcoin Tools For Humanity WLD OpenAI Crypto regulation TFH WLDUSDT Crypto

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-27 @ 12:30:01 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 469 words

Reading Time: 3 minutes read

Sentences: 27 lines

Sentence Length: 18 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 22751121

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