A Reddit user, ShadowOfHarbringer, has introduced a draft proposal for a “Zero-KYC Assurance Mechanism for Fiduciary Money Transfer” (ZKAM-FMT). The proposal aims to prevent man-in-the-middle (MitM) financial scams in peer-to-peer (P2P) cryptocurrency markets. ZKAM-FMT sets out to secure transactions without relying on Know Your Customer (KYC) processes, which have been seen as burdensome and invasive by users who prioritize their privacy. Related: 80-year-olds making crypto withdrawals will ‘get a call,’ says crypto exec The proposed mechanismIn a common MitM scam, the bad actor intercepts a …