South Korea's Personal Information Protection Commission (PIPC) has launched an investigation into cryptocurrency project Worldcoin following numerous complaints about its collection of personal information. Of particular concern is the project's use of iris scanning in exchange for cryptocurrency. The PIPC announced on Monday that it will examine company's collection, processing, and potential overseas transfer of sensitive personal information, and will take action if any violations of local privacy rules are found.

It is worth noting that OpenAI, which co-founded Worldcoin, was fined last year by the privacy watchdog for leaking personal information of South Korean citizens through its ChatGPT application. This connection with OpenAI adds weight to the concerns surrounding the handling of personal data by Worldcoin.

Worldcoin is an identity-focused cryptocurrency project. Participants in the protocol receive WLD tokens in return for signing up. The project's unconventional sign-up process has also raised concerns in other jurisdictions. As of now, company has not responded to the investigation or the accusations.