In recent days, numerous users have reported falling victim to SIM swap attacks on the Friend.tech platform, resulting in significant asset losses. Friend.tech, initially presented as a decentralized social platform built on the Coinbase Base infrastructure, now faces scrutiny regarding its level of centralization.
Centralization Concerns
The founder of SlowMist has drawn attention to the centralization features of Friend.tech, particularly its registration options that include phone numbers, email addresses, and Apple accounts, all without the implementation of two-factor authentication (2FA).
These less secure registration methods have attracted malicious attackers.
SIM Swap Attacks on Friend.tech
One user, Daren, shared a distressing experience of being targeted by a SIM swap attack on Friend.tech, resulting in the loss of 22 ETH from his account. The attacker managed to sell all 34 keys owned by Daren, impacting other users holding those keys, and also liquidated the remaining ETH in his wallet.
Daren emphasizes the vulnerability of users who link their Twitter accounts to their real names, as this exposes their phone numbers, making them susceptible to such attacks. He noted receiving numerous phone calls, leading him to put his phone on silent mode.
Unfortunately, this decision caused him to miss Verizon’s notification about an attempted account access, allowing the attack to occur. Given the rising number of SIM swap incidents and hacks on Friend.tech, some users have advised using separate phones while engaging with the platform to enhance security.
Impressive Growth of Friend.tech Protocol
Despite the security concerns, the decentralized finance (DeFi) protocol Friend.tech has experienced remarkable growth since its launch in mid-August. Recent reports indicate that the platform has generated revenue exceeding 10,000 ETH.
Total Value Locked (TVL) Surge
Friend.tech has also witnessed a substantial increase in Total Value Locked (TVL) within its DeFi protocol, surpassing 30,000 ETH and reaching a total of 30,165 ETH. Further, this growth underscores the growing trust and commitment of participants in the protocol.
Sniper Bots’ Contribution
Additionally, Friend.tech’s sniper bots have emerged as silent contributors to the platform’s success with over 450 of these bots in operation. Moreover, they have collectively generated profits exceeding $5.9 million, constituting an impressive 34% of the total creator’s revenue.
This achievement also highlights the effectiveness of Friend.tech’s algorithms and underscores the potential of automated trading solutions within DeFi sector.
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