Foreign media: Humanity Protocol CEO previously founded a unicorn company and went bankrupt

Odaily News Terence Kwok, CEO of Worldcoin competitor Humanity Protocol, nearly bankrupted his $1.5 billion smartphone company, burning through $170 million of investors’ money. Terence Kwok founded Tink Labs in 2012. The unicorn raised hundreds of millions of dollars to provide hotels with smartphones for guests to use during their stay. However, his company began operating at a loss in 2017 due to an aggressive expansion policy, roaming charges becoming cheaper and more widespread, and hotels not wanting to pay for the phones he gave away. Ultimately, Tink Labs’ European division began liquidation in January 2020 and subsequently entered bankruptcy proceedings. Last year, Kwok launched Humanity Protocol, a blockchain-based identity verification company that relies on scanning people’s palms as a form of identification.