World News

Kenya suspends Worldcoin scans over security, privacy and financial concerns on August 2, 2023 at 10:25 am

Published

1 year ago

August 2, 2023

Kenya was one of the first countries where Worldcoin — the controversial startup that aims to create a new “human identity and financial network” through eye scans and its own cryptocurrency — launched sign-ups and as of this week, it was one of the biggest markets for take-up. Now, Kenya could be one of the first to ban it outright.

The country’s Ministry of the Interior has issued a decree suspending Worldcoin enrollment in the country, citing concerns with the “authenticity and legality” of its activities in the areas of security, financial services and data protection. The suspension covers both Worldcoin and “any other entity that may be similarly engaging the people of Kenya” and will remain in place until the authorities determine “the absence of any risks to the general public whatsoever.”

Up until today, Kenya had one of the largest footprints of venues — at least 18, according to the company’s directory last week — where you could visit an “Orb”, as the company’s spherical and mirrored iris-scanners are called, “and verify your World ID.” Now there is only one listed — after Orb operators overwhelmed by the huge turnout, shifted their stations on Sunday to Kenyatta International Convention Centre (KICC), a bigger ground in Kenya’s capital, to accommodate thousands of people streaming in.

(In our direct experience, the list is a little unreliable anyway. In the UK, one of the other countries where regulators are looking into Worldcoin’s privacy and security, three venues were listed in London last week at launch, including one, curiously, in a coffee hut in Kensington Gardens adjacent to Hyde Park. That disappeared after the first day and eventually one of the other locations did, too. Now there is only one in operation.)

“Relevant security, financial service and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the aforesaid activities, and the safety and protection of the data being harvested, and how the harvesters intend to use the data,” said Kithure Kindiki, Kenya’s cabinet secretary for the ministry of interior and national administration.

Authorities dispersed thousands of Kenyans who had lined up at the Kenyatta International Convention Center (KICC) yesterday to register for the Worldcoin cryptocurrency projecthttps://t.co/X14TdnFxyT

— The Standard Digital (@StandardKenya) August 2, 2023

We have reached out to Worldcoin for comment and will update this story with any response.

Worldcoin, co-founded by OpenAI CEO Sam Altman and currently valued at over $2 billion, has raised over $500 million to create a “proof-of-personhood” network.

It’s doing this by registering “verified humans” through the scanning of eyeballs by way of its Orbs, and it’s been luring users to come in for scans by offering them “free” crypto tokens in exchange. Tools for Humanity, the team building Worldcoin, is said to be creating an app that will link up with these global IDs, using Worldcoin tokens for payments, purchases and transfers, alongside other cryptocurrencies and fiat-backed stablecoins.

What is not clear is how the suspension order today will impact the fact that there are now a lot of Worldcoin tokens in circulation in Kenya, which are now being traded around.

The coins have quickly become a part of the grey market that surrounds cryptocurrency especially in emerging economies, which sits far outside the authority of regulators, tax collectors and other government bodies.

After the global official launch last week, locals that had received the tokens could sell them for USDT (the stablecoin pegged to the US dollar) on crypto exchanges, or to “brokers” in exchange for cash. In Kenya, that promise of “free money” quickly spread across the country, leading to an influx of people at the recruitment (Orb) stations, which is what started to draw the attention of government agencies.

Kenyans queue at KICC in the Nairobi CBD to scan their eyeballs in return for Worldcoin cryptocurrency tokens valued at about Sh7,700. pic.twitter.com/yFkxknJenX

— Nation Africa (@NationAfrica) August 1, 2023

It’s worth asking why the authorities didn’t think of this eventuality, or any of the privacy and security implications, before allowing Worldcoin to establish operations in the country in the first place. Kenya — along with Chile, Indonesia, France and Sudan — was one of the first countries to pilot the registration service back in 2021. Regardless, it is now looking at it with clearer eyes: Kindiki says that the suspension is critical for public safety and the integrity of the financial transactions.

The suspension should not come as too much of a surprise: just days ago, the country’s office of the Data Commissioner said it was already conducting an assessment of Worldcoin’s practices in Kenya to ensure compliance with the country’s laws.

Along with the many issues that skeptical peers in the technology industry have been raising about the Worldcoin project and its bigger business ambitions, there are growing concerns about how those efforts to build a biometric database using the promise of free cryptocurrency have exploited economically-disadvantaged people. Again, some of these issues have been there in plain sight for people to see. An MIT Review investigation — published last year — found that it “used deceptive marketing practices, was collecting more personal data than it acknowledged, and failed to obtain meaningful informed consent.”

Worldcoin registration is currently ongoing in 35 cities, and the company is on its way to crossing 3 million users, after enrolling over half a million people in the last seven days.

Worldcoin’s official launch triggers swift privacy scrutiny in Europe

Are you going to let Sam Altman’s crypto project scan your eyeballs or not?

Film Industry

Jay-Z Denies Allegations Amid Lawsuit

Published

2 days ago

December 9, 2024

Bolanle Media Staff

Jay-Z, the renowned rapper and music mogul, faces serious allegations in a recently amended civil lawsuit. According to ABC News and NBC News, the suit accuses him and Sean “Diddy” Combs of raping a 13-year-old girl at an MTV Video Music Awards after-party in 2000.

The lawsuit, initially filed in October 2024, was updated on Sunday to include Jay-Z as a defendant alongside Combs. The plaintiff, identified only as “Jane Doe,” claims she was assaulted after being driven to the party following the awards show.

Jay-Z, whose real name is Shawn Carter, vehemently denies the allegations. He released a statement on X calling the lawsuit a “blackmail attempt” and questioning why it was filed as a civil case rather than a criminal one. The rapper expressed concern about the impact on his family, stating he and his wife Beyoncé would need to discuss the situation with their children.

Combs, who is currently in federal custody on separate charges, has also denied the accusations through his attorneys. The lawsuit alleges that an unidentified female celebrity was present during the incident but did not intervene.

The case has garnered significant media attention, with both artists’ reputations at stake. As the legal process unfolds, the music industry and public await further developments in this high-profile case.

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Business

David Sacks: The New White House AI and Crypto Czar

Published

5 days ago

December 6, 2024

Bolanle Media Staff

According to CNBC and NBC News, David Sacks, a prominent venture capitalist and former PayPal executive, has been appointed as the White House AI and Crypto Czar by President-elect Donald Trump. This newly created position underscores the incoming administration’s focus on artificial intelligence and cryptocurrency as critical areas for American competitiveness.

Role and Responsibilities

Sacks will be tasked with several key responsibilities in his new role:

Guiding policy for the administration in AI and cryptocurrency
Establishing a legal and regulatory framework for the cryptocurrency industry
Safeguarding free speech online, and steering away from Big Tech bias and censorship
Leading the Presidential Council of Advisors for Science and Technology

Trump emphasized that Sacks will focus on making America the clear global leader in both AI and cryptocurrency.

Background and Qualifications

David Sacks brings a wealth of experience to his new position:

Former Chief Operating Officer of PayPal
Founder of Yammer, which was sold to Microsoft for $1.2 billion in 2012
Co-founder of Craft Ventures, a venture capital firm
Investor in major tech companies including SpaceX, Palantir, Uber, and Airbnb

Sacks is also known for his close associations with tech entrepreneurs like Elon Musk and Peter Thiel, being part of the “PayPal Mafia“.

Political Involvement

Sacks has been a vocal supporter of Trump during his campaign:

Hosted a fundraiser for Trump at his San Francisco estate, with tickets priced at $50,000 each and a more exclusive $300,000 tier
Delivered a speech at the Republican National Convention in Milwaukee in July 2024
Wrote a detailed essay on X explaining his reasons for supporting Trump

Implications for AI and Crypto Industries

The appointment of Sacks signals a potential shift towards more crypto-friendly policies and regulatory clarity for the digital asset industry. This move, along with Trump’s nomination of crypto advocate Paul Atkins to head the Securities and Exchange Commission, marks a departure from the stricter oversight approach seen under the previous administration.

As the White House AI and Crypto Czar, Sacks is expected to play a crucial role in shaping the future of these rapidly evolving technologies in the United States, potentially influencing their development and adoption on a global scale.

Business

Bitcoin Surpasses $100,000 Milestone: A New Era for Cryptocurrency

Published

6 days ago

December 5, 2024

Bolanle Media Staff

In a historic moment for the cryptocurrency world, Bitcoin has officially surpassed the $100,000 mark, reaching a new all-time high and solidifying its position as a major player in the global financial landscape. This milestone comes amid a surge of investor enthusiasm and significant market developments.

The Breakthrough

Bitcoin breached the $100,000 threshold in the early hours of December 5, 2024, climbing to approximately $103,000 before experiencing a slight pullback, according to BBC News. This remarkable achievement represents a culmination of Bitcoin’s impressive performance throughout 2024, with the cryptocurrency’s value on an upward trajectory for most of the year.

Factors Driving the Surge

Several key factors have contributed to Bitcoin’s meteoric rise:

Political Influence: The recent U.S. presidential election, with Donald Trump’s victory, has played a significant role in boosting Bitcoin’s price. Trump’s pro-cryptocurrency stance and his promise to make the U.S. a “crypto capital” have fueled investor optimism, according to BBC News and AP News.
Regulatory Developments: According to AP News, the imminent appointment of Paul Atkins, a former SEC commissioner known for his crypto-friendly views, as the next chair of the Securities and Exchange Commission has been seen as a positive sign for the cryptocurrency industry.
Institutional Adoption: According to BBC News, the approval of spot Bitcoin exchange-traded funds (ETFs) by the SEC has allowed major investment firms like Blackrock, Fidelity, and Grayscale to offer Bitcoin-linked products, attracting billions in investments.
Market Dynamics: The recent Bitcoin halving event, which reduced the rate of new Bitcoin creation, has contributed to increased scarcity and demand.

Expert Opinions and Predictions

Analysts and industry experts have weighed in on Bitcoin’s future prospects:

Dan Coatsworth, an investment analyst at AJ Bell, described the $100,000 milestone as a “magic moment” for Bitcoin.
Ryan Lee of Bitget Research suggested that Bitcoin’s momentum could propel it well above $100,000 by the end of the year, citing historical patterns and post-halving cycle trends.
Bitfinex analysts expect Bitcoin to continue accumulating and ranging, with potential for further growth in the coming months.

Cautions and Considerations

While the mood is largely optimistic, experts also urge caution:

Carol Alexander, a finance professor at Sussex University, warned that while Bitcoin’s price may continue to rise, many younger investors speculating on meme coins are facing losses.
According to BBC News and AP News, the cryptocurrency’s notorious volatility remains a concern, with some analysts reminding investors that Bitcoin does not function like conventional currencies and lacks traditional investor protections.

Looking Ahead

As Bitcoin enters this new phase, the cryptocurrency community is abuzz with speculation about its future trajectory. While some predict further gains, others caution against overexuberance. The coming months will likely be crucial in determining whether Bitcoin can sustain its position above $100,000 and potentially reach even greater heights.

With increased institutional involvement, evolving regulatory landscapes, and growing mainstream acceptance, Bitcoin’s journey past the $100,000 mark may well be just the beginning of a new chapter in the cryptocurrency’s history.