“The Risks of Cryptocurrency: A Worldcoin Employee Scams Minor out of 731 Euros”

Adrián, a 15-year-old boy from San Fernando de Henares (Madrid), found himself in a situation with “free money” at the Plenilunio shopping center in September 2022. He had gone there with friends and encountered an offer from Worldcoin, a new cryptocurrency that required a photo of the iris to register. Adrián didn’t think much of it at the time, considering it as just a way to get some free money. No one in the group was asked for their age or identification, and they were all able to sign up.

Over the next year, Adrián collected digital currencies that were initially worth only a few cents. As the value of the currency began to rise in late 2023, Adrián had amassed 731 euros by February 2024. However, being a minor, he was unable to open a bank account to withdraw the money. An employee from Worldcoin offered to help him cash out in exchange for a commission, which Adrián accepted. Unfortunately, he never received the money back.

In March 2024, the Spanish Data Protection Agency (AEPD) temporarily banned Worldcoin from collecting iris data from Spaniards due to complaints about insufficient information and data collection from minors. Although Worldcoin claimed that users had to be at least 18 years old to register, it was easy for minors to lie about their age to access the free money offer.

Adrián’s experience highlights the risks associated with collecting personal data for cryptocurrencies like Worldcoin. As the AEPD investigates the complaints and Worldcoin implements stricter verification processes, the need for privacy and security when dealing with digital currencies becomes more apparent. Adrián’s mother, Lidia Fernández, also faced challenges in trying to retrieve the money her son had earned, emphasizing the importance of transparency and accountability in these transactions.

Despite the setbacks and potential risks, Adrián continued to engage with Worldcoin, trying to find ways to cash out his earnings. His interactions with others involved in the scheme, like E., showed the complexities and pitfalls of navigating the world of cryptocurrencies, especially for young users. The involvement of minors in such activities also raises questions about ethical and legal implications for companies like Worldcoin and the responsibility they have in protecting their users’ data.

In the evolving landscape of digital currencies and data protection, the case of Adrián and Worldcoin serves as a cautionary tale about the dangers of easy money offers and the importance of safeguarding personal information in the digital age. As regulators and companies work to address these issues, users must remain vigilant and informed about the risks and potential consequences of engaging with cryptocurrency platforms.

By Samantha Robertson

As a seasoned content writer at newsderf.com, my passion for storytelling and creativity shines through in every article I craft. With a keen eye for detail and a knack for research, I thrive on translating complex topics into engaging reads that resonate with our diverse audience. My goal is to inform, entertain, and inspire readers through thought-provoking content that leaves a lasting impact. Join me on this exciting journey as we explore the world of news together.

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