Sam Altman, who is also the CEO of OpenAI, is preparing to launch Worldcoin in the next few weeks.
Altman plans to use eyeball scanning technology to create a global identification system that can be used to gain free access to his own Worldcoin cryptocurrency.
Chinese residents buy iris scans from Cambodia and Africa for as little as $30.
A spokesperson for Worldcoin confirmed the existence of a black market where such transactions take place and noted that several hundred cases have been detected.
In this regard, the project takes additional measures to strengthen the verification procedure.
“Through ongoing threat monitoring and awareness measures, the Worldcoin team has identified suspicious and potentially fraudulent activities that encouraged people to sign up for a verified World ID, which was then delivered to a third-party World app rather than their own,” the company said.
Worldcoin has taken several steps to try to contain the problem. These include “adjustments to the initial personal registration process” and the implementation of QR codes.
Earlier, Worldcoin introduced a cryptocurrency wallet app with the same name, which will initially support the World Coin and Ethereum ecosystems.
The World App mobile wallet app is already available for download in the App Store and Google Play. Worldcoin is available in more than 80 countries.
Earlier, Sam Altman said he plans to raise about $100 million in funding for Worldcoin.