Singapore police launch investigation into Worldcoin account transactions, arrest five people

BlockBeats news, on September 10, Singapore Deputy Prime Minister Gan Wenqian announced that the Singapore police launched an investigation into seven individuals suspected of providing Worldcoin accounts and token buying and selling services. The investigation involves possible violations of the Payment Services Act 2019, and the police have arrested five people.

Preliminary investigations showed that three men were suspected of recruiting people on behalf of multiple entities to create Worldcoin accounts, and then controlling these accounts and tokens in exchange for cash. The assets were then transferred to a fourth man and a woman, who are believed to be involved in the purchase and management of the transfer of these assets. During the operation, the police seized more than 200 mobile phones as evidence.

The Worldcoin project aims to create a global digital identity, but its collection of biometric data has raised global privacy concerns. Regulators are investigating this in France, the United Kingdom, Hong Kong, Colombia and Argentina.