Friend.tech Accounts Hacked: Is the Platform Really Decentralized?
Several users have reported that their accounts on Friend.tech have been hacked and their assets stolen, raising concerns about the platform’s centralization. Despite promoting itself as a decentralized social platform, Friend.tech offers centralized services with registration options that lack two-factor authentication (2FA), making it an attractive target for attackers.
SIM Swap Attack on Friend.tech
A user named Daren shared his experience of falling victim to a SIM swap attack on Friend.tech. He lost 22 ETH through the platform, as the attacker sold all 34 of his owned keys and liquidated the remaining ETH in his wallet. This incident highlights the vulnerability of users whose Twitter accounts are linked to their real names, as their phone numbers can be discovered by attackers.
Precautions for Friend.tech Users
Considering the multiple cases of SIM swaps and hacks through Friend.tech, it is advisable for users to use separate phones while exploring the platform. This can help mitigate the risk of exposing personal information and assets to potential attackers.
Growth of Friend.tech Protocol
The decentralized finance (DeFi) protocol Friend.tech has gained significant traction since its launch in mid-August. It has generated over 10,000 ETH in revenue and witnessed a substantial increase in total value locked (TVL), surpassing 30,000 ETH. This growth reflects the growing trust and participation in the protocol.
In addition to its performance metrics, Friend.tech’s sniper bots have emerged as successful automated trading solutions within the DeFi sector. With over 450 bots in operation, they have generated profits exceeding $5.9 million, accounting for 34% of the total creator’s revenue.
Hot Take: Friend.tech’s Centralization Raises Concerns
The recent incidents of hacked accounts and SIM swap attacks on Friend.tech have raised doubts about the platform’s claimed decentralization. The lack of two-factor authentication and the vulnerability of users’ personal information highlight the need for stronger security measures. While the protocol has seen impressive growth and success in generating revenue, these security concerns should not be overlooked. It is crucial for users to exercise caution and take necessary precautions while using Friend.tech or any other decentralized platform.