Singapore Police Launch Investigation Into Worldcoin Account Sales: Minister
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Singapore police have launched an investigation into seven individuals suspected of offering services to buy and sell Worldcoin accounts and tokens, Deputy Prime Minister Gan Kim Yong announced on Monday.
This investigation stems from possible violations of the 2019 Payment Services (PS) Act. The minister clarified this in a written response to questions from MPs Rachel Ong and Derrick Goh.
Kim Yong explained that, as per data available to the Monetary Authority of Singapore, Worldcoin does not qualify as a payment service under the PS Act. However, those involved in buying or selling Worldcoin accounts and tokens could be offering a payment service.
He warned consumers to stay alert against offers to give up control of their digital payment token wallets or World IDs. These accounts, he noted, are at risk of being misused by third parties.
“We caution consumers against doing so,” he said.
Last month, the Singapore Police Force arrested five people for allegedly offering a service of buying or selling of Worldcoin accounts and tokens.
Last month, the Singapore Police arrested five individuals suspected of buying or selling Worldcoin accounts and tokens. Initial investigations revealed that three men allegedly recruited people on behalf of various entities to create Worldcoin accounts.
They then took control of these accounts and tokens in exchange for cash. These assets were passed to a fourth man and a woman, believed to be involved in purchasing and managing their transfer. During the operation, the police seized over 200 mobile phones as evidence.
Worldcoin, led by Sam Altman, Max Novendstern,
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