Worldcoin’s WLD Continues Rally Despite Investigation in South Korea

According to a press release, the Personal Information Protection Commission (PIPC) has started investigating Worldcoin’s operations in South Korea. The exercise follows complaints over collecting and processing personal information by Worldcoin and other similar projects.

Notably, the press release confirmed that Worldcoin affiliates collected facial and iris recognition information at about 10 locations in Korea. Hence, the PIPC plans to investigate the process thoroughly. According to reports, the committee will analyze the collection and processing of sensitive information.

During the investigation, the PIPC will scrutinize the overseas transfer of personal information under the Personal Information Protection Act. The committee also plans to take appropriate actions under the relevant laws and regulations; in the event, it confirms that Worldcoin violated its statutes.

Ironically, Worldcoin’s WLD has rallied since investigations began on February 29. Although the price dropped to $7.179 last Thursday, it has launched a recovery, according to data from TradingView.

WLD bounced off the $7.179 local low and traded for $8.139 at the time of writing, reflecting a recovery from the impulsive price drop that followed the investigation announcement.

From a longer-term perspective, the rebound suggests the continuation of a pronounced rally from the first week of February. WLD surged from $2.154 on February 5 to $9.449 by February 25. That was a 342% rally that enabled the novel blockchain token to reach a new all-time high (ATH) ahead of a potential altcoin season.

CoinMarketCap data showed that WLD gained 4.42% in the last 24 hours, with the market cap increasing by 4.74% to reach $1.17 billion during the same period.