The Latest Update from Friend.tech
Friend.tech, the decentralized social network, has announced a new feature that allows users to add and remove login methods to their accounts. This update comes in response to reports of SIM-swap attacks. To access these settings, users can tap their wallet balance within the app.
Two-Factor Authentication Passcode Feature
Many users have been asking about the two-factor authentication passcode feature. Friend.tech explained that enabling it in its current state would likely result in users getting locked out of their accounts. The company has suggested UX updates to Privy, the provider of privacy features used by Friend.tech, and is waiting for Privy to implement them before integrating the feature.
User Complaints and Account Lockouts
In a recent Q&A session, some Friend.tech users expressed frustration over not being prompted to confirm their passcodes and being unable to reset mistyped codes. Meanwhile, other users have reported being locked out of their accounts for extended periods. These issues highlight the need for improved account security measures.
Exploits and Compromised Accounts
On October 4th, Friend.tech experienced exploits resulting in compromised accounts. Hackers gained control of users’ mobile numbers through SIM-swap attacks. Over 100 ETH was drained from affected accounts within a week. The exploits continued on October 5th, with scammers managing to steal at least $385,000 worth of Ether.
Revenue Increases for Friend.tech
Despite the recent security incidents, Friend.tech has seen significant revenue growth. The platform has experienced surges totaling 10,663 ETH and has a total value locked of over 30,000 ETH.
Hot Take: Addressing Security Concerns
While Friend.tech continues to grow and expand its user base, the recent security breaches are cause for concern. The addition of new login methods is a step in the right direction, but it’s crucial for the platform to prioritize the implementation of robust security features, such as two-factor authentication. By addressing these issues promptly and effectively, Friend.tech can regain user trust and ensure the safety of their accounts and funds.
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