The Rise and Fall of Worldcoin: A Cryptocurrency Scandal in Spain

In December, 18-year-old Pablo Martín faced a difficult decision – whether or not to have his iris scanned at a futuristic metal sphere in a Madrid shopping center. The process involved waiting for the lights to turn on LEDs and, after it was completed, he received his World ID and collected coins. This digital passport was meant to prove his humanity.

However, the Spanish Data Protection Agency intervened in February and halted Worldcoin’s operations in Spain due to concerns about biometric information handling. Despite the controversy, many people saw the opportunity to earn money through Worldcoin as a lifeline, including those facing financial difficulties like Daniel Guerrero, a Venezuelan awaiting asylum approval. The allure of free money and the promise of a digital passport led many to scan their irises and collect coins.

The rapid rise in the value of the cryptocurrency attracted even more participants, with individuals like Pedro Durán and Antonio Lledó investing in Worldcoin. The potential for profit and the association with OpenAI, the company behind the project, made it an appealing opportunity for many. However, the euphoria came to an abrupt end when the Spanish Data Protection Agency intervened and suspended Worldcoin’s operations in Spain. This led to a decline in the value of the cryptocurrency but did not deter people from searching for it through alternative channels such as social media and personal transactions.

Ultimately, the ban on Worldcoin in Spain and Portugal marked