mIRC is an IRC client, it is not IRC. Khaled has absolutely NO control over what happens on 'IRC' as a whole. It is not mIRC's decision to hide your IP address or hostname either, and generally you cannot track someone down to their very house. It is not a 'security hole'.
The risk of 'freaks' is one that is very real amongst all chat mediums, not just IRC. That is why many parents choose to restrict their children's time online. There are many abusive weirdoes out there, and caution should be exercised - however, mIRC is not your bodyguard. You are your own bodyguard on the Internet. If you're worried about privacy, don't give people your full name, your address, and so forth. True, hiding your country is hard without taking extra steps (see below), but personally identifiable information is not obtainable unless you give mIRC that information or give the person you're talking to that info. The 'Full name' and 'Email address' text boxes in connect options do not need to be filled in or given *true* information.
For information on hiding your IP address, see
this post.
Regards,
