This study examines the impact of multiple identities formed within the metaverse on user experiences and social interactions, while critically addressing the ethical dilemmas and legal challenges that emerge as a result. Through a multiple case study analysis of platforms such as Roblox, Horizon Worlds, and Zepeto, along with the widely discussed Patel incident, the research categorizes key issues including identity theft, privacy violations, deceptive conduct, and virtual sexual harassment. It then assesses the limitations of current legal frameworks in regulating such phenomena. Based on these findings, the paper proposes regulatory directions that include the expansion of legal definitions for non-physical acts, the implementation of identity verification systems, and the enhancement of data protection mechanisms.