Web3 is becoming a hotbed for scammers and hackers due to its permissionless design and the pseudonymous nature of the ecosystem. Anyone can enter this space and create whatever they like without revealing their identity. It is challenging to verify the founders of projects, KOLs or crypto influencers. Without proper identity verification, issues such as fake accounts, impersonation, counterfeit tokens, unauthorised access to wallets, and phishing attacks could damage the reputation of Web3. ...

Web3 is becoming a hotbed for scammers and hackers due to its permissionless design and the pseudonymous nature of the ecosystem. Anyone can enter this space and create whatever they like without revealing their identity. It is challenging to verify the founders of projects, KOLs or crypto influencers. Without proper identity verification, issues such as fake accounts, impersonation, counterfeit tokens, unauthorised access to wallets, and phishing attacks could damage the reputation of Web3. ...