Minor’s $731 Euro Payout Disappears after Cryptocurrency Scam: Lessons Learned from Adrián’s Experience.

Adrián, a 15-year-old boy from San Fernando de Henares (Madrid), was offered “free money” by Worldcoin, a new cryptocurrency platform that required a photo of the iris to register. He had gone to the Plenilunio shopping center in September 2022 with friends and signed up without much thought, not realizing the potential risks involved.

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, he 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 serves as a cautionary tale about the dangers of collecting personal data for cryptocurrencies like Worldcoin. The AEPD is currently investigating complaints and implementing stricter verification processes for these platforms. The need for privacy and security when dealing with digital currencies becomes more apparent as more people engage with these platforms.

Despite his setbacks and potential risks, Adrián continued to engage with Worldcoin in an attempt to cash out his earnings. His interactions with others involved in this scheme showed how complex and pitfalls navigating the world of cryptocurrencies can be, especially for young users who may not fully understand the risks involved. The involvement of minors in such activities raises questions about ethical and legal implications for companies like Worldcoin and their responsibility in protecting their users’ data.