Business Insider exclusively revealed on June 22 that Worldcoin operator Tools for Humanity (TFH) is involved in a three-pronged scandal: bribery in Thailand, WLD manipulation, and financial misconduct, potentially crossing the SEC's red line on market manipulation. WLD was reported at approximately $0.61 on June 26, down about 95% from its 2024 all-time high.
Origin of the Dual Secret Investigations: Thailand FCPA Concerns and Links to Mauerberger's Pig Butchering Scams
According to Business Insider, the first investigation, led by Sidley Austin, focused on FCPA compliance in the Thai business. The investigation found that TFH's Thai business partners were linked to South African businessman Benjamin Mauerberger (also known as Ben Smith). Mauerberger is suspected of cross-border 'pig butchering' online fraud, and a Thai court has frozen his assets and issued an arrest warrant.
TFH's official spokesperson responded that after discovering the true identity of the Thai partner, the company 'immediately severed ties and strengthened due diligence,' and stated that 'currently there is no evidence that the company or its employees have violated the FCPA.' The investigation findings have been at least partially reported to the company's board of directors, which includes Sam Altman and CEO Alex Blania.
Internal Financial Misconduct Investigation: Whistleblower Reports of Personal Credit Card Use and Employee Misclassification
The second investigation stems from a whistleblower complaint by an internal employee, handled by O'Melveny & Myers and BDO. The complaint includes allegations that senior executives improperly used company credit cards for personal expenses and housing costs, and that full-time employees were misclassified as contractors to evade relevant tax obligations.
WLD Token Market Manipulation Allegations: Six- to Seven-Figure Payments Allegedly Cross SEC Red Line
The investigation also covers more serious allegations of market manipulation. Internal sources claim that TFH senior executives approved payments of up to 'six to seven figures' to a foreign entity with the aim of inflating the value of the WLD token. If true, this could violate US SEC regulations that strictly prohibit market manipulation.
Currently, the WLD token is trading at approximately $0.61, down about 95% from its 2024 all-time high, causing heavy losses for early employees and investors holding the token.
TFH's Response and Current Challenges: 15% Layoffs, Multi-Country Bans, $2.5 Billion Valuation Crisis
In addition to the investigations, TFH faces challenges including bans on its operations in Spain, India, Indonesia, and other countries due to biometric data collection issues; Thai authorities also suspended its business late last year for the same reason; a round of layoffs was carried out in June 2026, cutting about 15% of staff (global headcount of approximately 500); TFH was once valued at $2.5 billion but now faces dual pressure from regulatory and internal governance issues.
Frequently Asked Questions
What is the potential impact of the FCPA (Foreign Corrupt Practices Act) on TFH?
According to the report, if the investigation confirms that TFH violated the FCPA in its Thai business (e.g., bribing foreign officials or improper associations with related parties), TFH could face criminal charges from the US Department of Justice, civil fines, and business bans. TFH officials say there is currently no evidence of FCPA violations, but the investigation is ongoing.
What is the specific method of the WLD token manipulation allegations?
According to the report, the allegations state that TFH senior executives approved payments of 'six to seven figures' to a foreign entity with the aim of artificially inflating the market value of the WLD token. Such actions fall under market manipulation within the SEC's regulatory framework and could lead to both civil and criminal liability. Specific details have not been fully disclosed by Business Insider.
What is Sam Altman's role in this incident?
According to the report, Sam Altman is a co-founder of Worldcoin, and the investigation findings have been at least partially reported to the company's board of directors, which includes him. The report does not allege that Sam Altman personally directly participated in any misconduct, but as a board member, he has been informed of some of the investigation results.
