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

On September 10, Singapore Deputy Prime Minister Kam Man Khim announced that the Singapore police have 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.
Initial investigations revealed that three men allegedly recruited people on behalf of multiple entities to create Worldcoin accounts and then took control of the accounts and tokens in exchange for cash. The assets were then handed over to a fourth man and a woman, who are believed to be involved in the transfer of purchasing and managing the assets. During the operation, police seized more than 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. Regulators are investigating in France, the UK, Hong Kong, Colombia and Argentina.