Many users on social media have been lambasting decentralized exchange dYdX over the identification verification process to receive a sign up and deposit bonus of $25.
In a Wednesday blog post, dYdX announced that new users who deposited 500 USD Coin (USDC) for their first transactions could receive a bonus promotion of 25 USDC, provided they were willing to do a “liveness check.” According to the exchange, the verification process accessed a user’s webcam and “compares if your image has been used with another account on dYdX.”
Though the giveaway was completely voluntary, many on Twitter implied the checks were tantamount to invasions of privacy. DeFi Watch founder Chris Blec accused the exchange of “bribing users to allow their faces to be scanned & disguising it as a ‘promotion,'” hypothesizing that dYdX and other platforms could offer greater incentives in return for clients giving up more information.
“What dYdX is doing now is just wrong,” said Blec. “They're misleading...
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