Friend.tech Enhances User Controls Amid Cybersecurity Concerns and Growth Surges
Summary:
The decentralized social media platform Friend.tech has introduced a feature allowing users to add and remove login methods following concerns related to SIM-swap reports. The platform acknowledges the lack of a two-factor authentication passcode feature and is working with Privy to implement user-experience upgrades. During a recent cybersecurity attack, more than 100 Ether (ETH) was reportedly drained due to the hijacking of user accounts via SIM swaps. This comes amidst significant revenue growth for Friend.tech.
On the decentralized social media platform Friend.tech, users will now have the power to add and remove login methods for their accounts, as a response to concerns raised after SIM-swap reports. The announcement on October 4th clarified that users can access this function in the app through their wallet.
Despite the good news, Friend.tech acknowledged the concerns of users regarding the platform's lack of a two-factor authentication passcode feature. On the issue, the platform stressed that enabling this feature at present could result in users being accidentally locked out of their accounts. They are working with Privy, their provider for privacy features, to make user-experience upgrades to minimize this risk. The platform is eager to integrate the improved protection once Privy has finalized the changes.
On the downside, some issues of non-prompts for passcode confirmation were raised during an October 2nd Q&A session. Users expressed frustration that neither Friend.tech nor Privy were able to reset these incorrectly entered passcodes.
Users' responses to the update have also revealed that many are already locked out of their accounts. Furthermore, one user claimed that replacing mobile numbers with a different authentication method doesn't automatically end sessions on other devices - leaving a potential window for hackers.
The timing of these changes correlates with an incident on October 4th when Friend.tech fell prey to cybersecurity attacks. During these exploits, user accounts were compromised after their mobile numbers were hijacked through SIM swaps. Over 100 Ether (ETH) funds were reportedly drained within a week due to the attacks. The exploits had continued till the next day, accumulating an estimated total loss of $385,000 in Ether (ETH).
These incidents come on the heels of significant growth for Friend.tech as it recently reported a surge in revenue, with a total value lock (TVL) exceeding 30,000 Ether (ETH).
Published At
10/5/2023 2:02:07 PM
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