Bug in User Interface Causes Traders to Overpay for ‘Keys’
A bug in the user interface implementation of Friend.tech has resulted in traders overpaying for ‘keys’ on the platform. Security researchers Pawel Wylecial and ‘E.Laszlo’ explained that the bug occurs when the user interface caches information before transactions are created, causing it to become out of sync with the blockchain over time. This issue is likely triggered when multiple users trade ‘keys’ for the same account. As a result, traders unknowingly ended up overpaying for their ‘keys’.
Traders Overpaid 2.44 ETH to Acquire Keys
During a particular launch, E.Laszlo observed traders spending an excessive amount of 2.44 ether to acquire ‘keys’. Dune’s analysis estimates that traders have spent a total of around 445 ether in excess payments. Additionally, approximately 43,173 transactions were processed through the flawed front end. The analysis also highlights two traders, dpats_ and HerroCrypto, who have made over 1 ether in excess payments. The researchers claim to have reported the bug to the Friend.tech team earlier, but it was classified as ‘out of scope’ and no action was taken to address it.
Friend.tech’s Popularity Drops After Splashy Debut
Friend.tech, launched on August 10, 2023, has quickly become one of the top decentralized applications (dApps) on the Base layer. It has attracted over 200,000 users and facilitated a trading volume exceeding $230 million. The platform allows users to convert their influence into tradable tokens called “keys,” which grant access to a creator’s attention or influence. The involvement of Paradigm, an investment firm connected to Coinbase, and the association with the Base network, a Layer 2 solution, contributed to its popularity. However, Friend.tech has faced privacy concerns regarding user doxxing and has seen a recent decline in popularity.
Hot Take: User Interface Bug Raises Concerns for Traders
A bug in the user interface of Friend.tech has caused traders to overpay for ‘keys’ on the platform. The bug arises from the caching of information before transactions are created, leading to a synchronization issue with the blockchain. This has resulted in traders unknowingly spending more than necessary to acquire ‘keys’. The platform’s popularity has suffered as a result of this bug and other privacy concerns. It is important for traders to exercise caution and be aware of potential issues when using decentralized applications like Friend.tech.
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