Black Market for Worldcoin Credentials Pops Up in China

"Worldcoin, a crypto project by OpenAI CEO Sam Altman has gained some traction in China, with users rushing to source know-your-customer (KYC) verifications on the black market."

Black Market for Worldcoin Credentials Pops Up in China
  • Sellers are offering KYC verifications for the World App, which offers wallet and ID services. The credentials also often come from countries like Cambodia and Kenya, according to social media posts.
  • "Similar black markets for credentials for crypto exchanges and other apps exist in the Chinese internet ecosystem. Crypto trade has various restrictions in mainland China, but traders are accustomed to finding ways to get around barriers."
  • "The black market was first reported by Chinese crypto site Blockbeats, which said that fake iris scans cost as little as $20."
  • "On Taobao, China’s version of Amazon, listings for Worldcoin access have appeared. Some reviewed by CoinDesk offer different options, from a simple download of the app for RMB 9.9 ($1.41) to full KYC certification for RMB 499."

CoinDesk Article