Friend.Tech, a platform for Ethereum users, has recently come under scrutiny due to a wave of reported compromised accounts and the subsequent loss of funds through SIM-swap attacks and hacks. Victims of the attacks have reported losing a total of 28.5 ETH, worth around $50 million. SlowMist founder Cos has expressed concern over the platform’s centralization, which could lead to information leakage. He noted that Friend.Tech requires users to register with a mobile phone number, a Gmail email address, or an Apple account, and does not offer two-factor authentication. Manifold Trading has also weighed in on the issue, stating that any hacker who gains access to a FriendTech account via simswap/email hack can rug the whole account. They added that Friend.Tech’s setup also technically allows a rogue dev to reconstruct private keys via Shamir-Secret-Sharing shares that they can recover from user data in their database, putting the total value of assets locked on the platform at risk. The security of Friend.Tech users’ funds is in question due to a wave of reported compromised accounts and the subsequent loss of funds through SIM-swap attacks and hacks. Victims of the attacks have reported losing a total of 28.5 ETH, worth around $50 million. SlowMist founder Cos has expressed concern over the platform’s centralization, which could lead to information leakage. Manifold Trading has also weighed in on the issue, stating that any hacker who gains access to a FriendTech account via simswap/email hack can rug the whole account. They added that Friend.Tech’s setup also technically allows a rogue dev to reconstruct private keys via Shamir-Secret-Sharing shares, putting the total value of assets locked on the platform at risk.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | negative |
| Relevance Score | 8 |
| People | Dipper, Cos, Verizon., Manifold Trading, Daren |
| Companies | SlowMist, Verizon, Manifold Trading, Friend.Tech, Dune Analytics |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
