🚨 Big Drop in TVL at Friend.tech 📉
- Friend.tech's Total Value Locked (TVL) experienced a significant outperformance in early October, with a single-day decline of 7.8%.
- It is also casting a shadow over the network due to the significant withdrawal of keys and ongoing sim swapping attacks on Friend.tech.
🔑 Key Withdrawals Reach New Highs
- On October 4, there was a significant increase in key withdrawals, reaching a new high of approximately 2.1K ETH.
- When users withdraw their keys, they can keep Ethereum within the app or withdraw the system entirely. Users withdrawing their keys on October 4 resulted in no increase in idle capital within the network.
📱 Sim Switching Attacks are the Reason for TVL Drop
- The recent and ongoing sim changing problem is shown as the reason for the sudden decrease in TVL.
- Friend.tech has updated the system to include login removal options following complaints that started a few days ago.
- However, according to Tom Wan, the recent withdrawals and TVL drops are mainly due to sim swapping attacks.
- Friend.tech's Total Value Locked (TVL) experienced a significant outperformance in early October, with a single-day decline of 7.8%.
- It is also casting a shadow over the network due to the significant withdrawal of keys and ongoing sim swapping attacks on Friend.tech.
🔑 Key Withdrawals Reach New Highs
- On October 4, there was a significant increase in key withdrawals, reaching a new high of approximately 2.1K ETH.
- When users withdraw their keys, they can keep Ethereum within the app or withdraw the system entirely. Users withdrawing their keys on October 4 resulted in no increase in idle capital within the network.
📱 Sim Switching Attacks are the Reason for TVL Drop
- The recent and ongoing sim changing problem is shown as the reason for the sudden decrease in TVL.
- Friend.tech has updated the system to include login removal options following complaints that started a few days ago.
- However, according to Tom Wan, the recent withdrawals and TVL drops are mainly due to sim swapping attacks.