Friend.Tech users suffered SIM swapping attack

Some users of the Web3 social network Friend.Tech reported that they were victims of SIM swapping, during which they lost thousands of dollars in digital assets.

One of the victims under the pseudonym darengb complained about the theft of 22 ETH (~$36,500).

Since Friend.Tech users need to link their X accounts to a phone number, the risk of SIM card swapping increases significantly.

“If your account uses your real name, your personal phone number can be found. This can happen to anyone,” darengb warned.

At a certain point, he began to receive a huge number of calls from unknown people, so he switched the phone to silent mode. Spam was used to hide the warning about logging into your account from a third-party device.

Founder of SlowMist recommended An effective way to protect against such hacks is to enable two-factor authentication.

On September 30, Friend.Tech representatives also warned about an error in the distribution of bonus points, due to which some accounts were reset. The community believes that these points will play an important role in a future proposed airdrop.

“It was not our intention to deprive any user of points. We have fixed the error and will redistribute them this week,” the developers assured.

Earlier, an analyst and developer of DefiLlama under the pseudonym 0xngmi already warned about possible vulnerabilities of the project and its clones.

According to him, the application stores private keys from user wallets on the front end. If the external interface of the protocol is hacked, loss of funds is inevitable.

Growth in spite of

Despite technical glitches, security issues and the closed beta stage, Friend.Tech continues to show strong performance.

According to DeFi Llama, the total value locked in the protocol is $49.35 million. The project has raised over $30 million in the past month.

Friend.Tech users suffered SIM swapping attack
TVL Friend.Tech. DeFi Llama Data.

On October 2, the app’s daily trading volume was 7,430 ETH (~$12.3 million), according to the Dune dashboard.

The total turnover of the platform reached 244,754 ETH (~$406 million).

At the same time, Friend.Tech accounts for about 21% of all commissions in the Base L2 network, on the basis of which it is built. The second most popular application, the LayerZero cross-chain protocol, accounts for just 3.4% of the layer two solution’s transaction fees.

By the beginning of October, activity in the protocol began to decline, but remained at stable average values. In recent days, the number of active addresses has fluctuated between 10,000 and 15,000.

Let us remind you that by the end of September, Friend.Tech users and influencers earned a total of more than $12 million in commissions.

Found an error in the text? Select it and press CTRL+ENTER

ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!

Leave a Reply