Sam Altman's Orb startup investigated financial misconduct allegations
7 hours ago
- #Cryptocurrency Regulation
- #Biometric Data
- #Corporate Investigation
- Tools for Humanity investigated financial irregularities and bribery allegations in Thailand via two law firms.
- Probes examined links to a South African businessman accused of scams and potential SEC violations in token payments.
- The company severed ties with a Thai partner, strengthened policies, and cited no FCPA violations after investigations.
- Law firms O'Melveny & Myers and Sidley Austin reviewed misuse of funds, employee classification, and FCPA compliance.
- Worldcoin's token value dropped 95% from its peak, facing regulatory hurdles and scrutiny over iris-scanning practices.
- High-level staff departures, layoffs, and criticism of work culture occurred as the company shifts focus to partnerships.
- Thai authorities paused operations over biometric data concerns, with investigations into iris scans of 1.2 million citizens.