Singapore police investigate Worldcoin account transactions, arrest five people

On September 10th, Singapore's Deputy Prime Minister Heng Swee Keat announced that Singaporean police are investigating seven individuals suspected of providing Worldcoin account and token trading services. This investigation involves possible violations of the Payment Services Act of 2019, and the police have arrested five people.

Preliminary investigations show that three men are suspected of recruiting personnel on behalf of multiple entities to create Worldcoin accounts, and then using cash to exchange and control these accounts and tokens. These assets were subsequently transferred to a fourth man and a woman, who are believed to be involved in the purchase and management of these asset transfers. During the operation, the police seized over 200 mobile phones as evidence.

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