Worldcoin is going through a brutal storm in these last days of August 2023. The company has seen how its cryptocurrency fell precipitously, without finding a radio reaction to the situation. Can this initiative led by Sam Altman survive?
At the beginning of this, the eighth month of the year, they reported a security vulnerability in their systems, right in the part of the Orbs, devices with which they scan the iris of their users.
The cybersecurity company CertiK alerted that cybercriminals had access to the Worldcoin Orbs.
They detailed that the vulnerability gap they found could have allowed cyber attackers to become Orbs without any legitimate credentials. Certik detected the flaw on May 29, when the company had already been scanning iris for a year.
Worldcoin never announced it, so the company revealed it in its quarterly reports, at the beginning of August of this year. This type of behavior is what has been hitting the company.
Former Worldcoin Employee
In the middle of all this trouble, a key Worldcoin developer named Nadir Hajarabi He resigned from his position and published a video in which he denounced “irregularities” in the company.
The developer’s video circulating on social networks has nothing to do with his resignation, for which he does not specify his reasons. But the company does point out “poor executions” of the project that continues to be involved in the data privacy controversy.
In fact, Nadir urges users to pay attention when agreeing to the company collecting their information.
Value of crypto almost in half
The Worldcoin cryptocurrency collapses in a resounding way. The stock lost 44% of its value in a matter of 30 days. “Its biggest setback occurred on Friday, August 25, after a 9.1% drop was reported,” experts said in a report.
When the Worldcoin was launched on the market it cost 2.36 dollars. While on Friday night (August 25), it was already going for $1.33 and now it’s going for $1.19.
“The recent drop in the price of Worldcoin is a worrying trend, especially when compared to the current signs of recovery in other tokens such as XRP,” said Jeff Mei, chief operating officer of the BTSE exchange.