The iris-scanning digital currency project, Worldcoin (WLD), co-developed by OpenAI’s Sam Altman, has risen concerts right after its launch on July 24.

Worldcoin was initially developed in 2019, offering third-world population 25 WLD for scanning their iris, which has risen many privacy concerns over the past day as the asset came close to launch.

Moreover, WLD’s launch was followed by significant listings on leading cryptocurrency exchanges, including Binance, Huobi, OKX, and Bybit.

However, just hours after the launch, Crypto Twitter started discussing the project’s shortcomings.

On-chain analyst ZachXBT shared his concerns that the Worldcoin team has been lying about the number of their users — pointing out the first 500,000 people from underdeveloped countries who scanned their iris for 25 WLD coins.

Per the data analyst, Worldcoin’s efforts to gather its first set of users while asking for iris scans paved the way for Worldcoin accounts’ black market.

Furthermore, ZachXBT also pointed out the 5% increase in WLD’s insider allocation, rising from 20% to 25% of the total 10 billion supply.

The security agency Slow Mist founder, with the Twitter handle Cos, called Worldcoin an “evil” project. He said that hackers might be able to create portraits of users from their iris scans.

Worldcoin is down by 23.29% in the past 24 hours as the asset reached a local top of $3.5 a few hours after its launch. WLD is trading at $2.02 with a $216 million market cap at the time of writing.

However, the asset’s trading volume has risen by 3,630%, reaching around $643 million.