Friend.tech Security Model Under Fire
Friend.tech, a popular crypto platform, has gained significant popularity in 2023, with over 312,000 users and $18 million in revenue. However, the platform’s security model has been under scrutiny, with several users reporting account hacks and drains. SlowMist founder “Evilcos” highlighted the growing reports of account hacks, primarily SIM swap exploits, with at least two users reporting a combined loss of approximately $70k. This raises concerns about the platform’s overall security and potential risks.
Friend.tech, a centralized platform, has been criticized for failing to implement basic security controls, such as 2FA, which could have mitigated hacks like the SIM swap exploit. Users who registered using email also appear to be unsafe, with one reported incident involving a user being exploited for 6.5 ETH worth approximately $10.3k. The platform’s centralized nature and lack of security measures have attracted criticism from critics.
(With inputs from Shikha Singh)
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