Crypto Community Raises Concerns Over Friend.tech’s Security Amidst SIM Swap Attacks and Asset Loss

Crypto Community Raises Concerns Over Friend.tech’s Security Amidst SIM Swap Attacks and Asset Loss

Crypto News – In recent days, a concerning trend has emerged on the Friend.tech platform as several users reported unauthorized access to their accounts and subsequent loss of assets. Friend.tech, despite marketing itself as a decentralized social platform built on Coinbase Base, is now facing scrutiny due to these security breaches, casting doubt on its claimed decentralization.

SlowMist’s founder has shed light on the centralization aspects of Friend.tech. The platform offers centralized registration methods, including phone numbers, emails, or Apple accounts, all without the added layer of two-factor authentication (2FA). Unfortunately, these less secure methods have attracted the attention of malicious actors, leading to the reported attacks.

SIM Swap Attacks Exploiting Friend.tech

A user named Daren shared a harrowing experience involving Friend.tech. Daren fell victim to a SIM swap attack, resulting in the loss of 22 ETH through @friendtech. The attacker exploited Daren’s compromised phone number, gaining access to 34 owned keys and causing widespread impact. Additionally, the assailant swiftly liquidated the remaining ETH in Daren’s wallet.

Daren issued a cautionary statement, highlighting the vulnerability that arises when a Twitter account is linked to a user’s real name. This linkage exposes their phone number, leaving them susceptible to SIM swap attacks. Daren recounted numerous phone calls that drove him to put his phone on silent, inadvertently causing him to miss crucial notifications from Verizon regarding attempted account access.

In light of these alarming SIM swap attacks via Friend.tech, some users have advised employing separate phones when engaging with the platform to enhance security.

Friend.tech Protocol’s Growth

Despite the recent security challenges, Friend.tech, a DeFi protocol, has experienced notable growth since its mid-August launch. The decentralized social platform has garnered substantial revenue, exceeding 10,000 ETH, showcasing its potential and attracting considerable interest from participants.

A significant milestone for Friend.tech is the remarkable increase in Total Value Locked (TVL) within its DeFi protocol, which now stands at an impressive 30,165 ETH. This surge in TVL underlines the growing trust and commitment of the protocol’s community, further solidifying its position in the DeFi landscape.