Major Theft At Friend.Tech Protocol Raises Doubts About Decentralization

Over the past few days, some users have reported that their accounts on Friend.tech have been hacked and their assets stolen. While Friend.tech has promoted itself as a decentralized social platform, based on the Coinbase Base platform, the recent developments have raised doubts over its centralization.

The founder of SlowMist highlights that FT offers centralized services with registration options such as phone number, email, or Apple account, all without two-factor authentication (2FA). These less secure methods have attracted the attention of malicious attackers.

SIM Swap Attacks Through Friend.tech

Another user Daren shared an unpleasant experience with Friend.Tech! Daren stated that he fell victim to a SIM swap attack and lost 22 ETH through @friendtech. The attacker sold all 34 of his owned keys, affecting those who held them, and also liquidated the remaining ETH in his wallet.

He cautions that if your Twitter account is linked to your real name, your phone number can be discovered, making you vulnerable to such attacks. Daren mentioned receiving numerous phone calls, prompting him to put his phone on silent. Unfortunately, this caused him to miss Verizon’s notification about an attempted account access, and the attack unfolded swiftly.

As multiple cases of SIM swaps and hacks through Friend.tech appear, some have suggested users use separate phones while exploring the Friend.tech platform.

Friend.tech Protocol Growth

DeFi protocol Friend.tech has received a strong response since its launch around mid-August. As per the latest report, the decentralized social platform clocked a revenue of over 10,000 ETH.

Another significant achievement is the substantial increase in total value locked (TVL) within the Friend.tech DeFi protocol, now surpassing 30,000 ETH and reaching 30,165 ETH. This clearly demonstrates the growing trust and dedication of the protocol’s participants.

In addition to traditional performance metrics, Friend Tech’s sniper bots are quietly emerging as the unsung heroes of the platform. With over 450 of them in operation, these bots have generated profits exceeding $5.9 million, accounting for an impressive 34% of the total creator’s revenue. Their success underscores the effectiveness of Friend Tech’s algorithms and highlights the potential of automated trading solutions within the DeFi sector.