WLD Slumps By Double Digits As Kenya Launches New Committee To Probe Worldcoin

WLD, the cryptocurrency of the iris biometric crypto project "Worldcoin," experienced a double-digit plummet from its all-time high price this week. Meanwhile, the Kenyan government has established a 15-member parliamentary committee to investigate the crypto initiative, which has become embroiled in controversy and is currently under investigation by multiple countries worldwide.

The joint ad-hoc committee includes members from departmental committees on Administration and Internal Security, Communication and Innovation and Tourism and Wildlife. The committee is chaired by Narok West Member of Parliament, Gabriel Tongoyo. Its purpose is to conduct an investigation into the activities of the crypto firm Worldcoin, a local news outlet reported.

The newly-formed committee has been granted a period of "42 days to conduct the investigation before reporting back to the House," according to National Assembly Speaker Moses Wetangula. He also shared that due to this recent development, two cabinet secretaries, initially slated to appear before the House, will now be appearing before the committee. Their role is to provide information about Worldcoin and its activities.

"In view of the foregoing, the two cabinet secretaries that were scheduled to appear tomorrow before this House, will instead appear before the committee to provide information on the matter," the National Assembly Speaker shared.

The latest development in Kenya and the continued investigation by multiple countries on Worldcoin could be the top reason why the price of its cryptocurrency WLD has not gone up since it reached its all-time high price in July.

WLD's current price of $1.44 is 56.33%, lower than its all-time high price of $3.33 on July 24, based on the data from CoinMaketCap.

WLD also crashed from its debut price of $7.50 and its current value reflects a massive 80.8% loss.

It may be recalled that earlier this month, the Kenyan government, via its Ministry of the Interior, suspended the operation of Worldcoin over concerns about the company's activities, including "the registration of citizens through the collection of eyeball/iris data."

At the time, Minister Kithure Kindiki of the Ministry of Interior said, "Relevant security, financial services and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the aforesaid activities, the safety and protection of the data being harvested, and how the harvesters intend to use the data," noting that "it will be critical that assurances of public safety and the integrity of the financial transactions involving such a large number of citizens be satisfactorily provided upfront."

As of 1.46 p.m. ET on Monday, WLD was trading down at $1.44, with a 24-hour trading volume down by 8.13% at $40,671,416, representing a 2.84% decrease in the last 24 hours and a 16.80% loss over the past seven days.

Based on the latest data from CoinMarketCap, WLD's total circulating supply stands at 126,689,292 WLD, with its value down by 2.10% at a $181,865,008 market cap.