Friend.Tech, the decentralized social network that gained popularity in the crypto community, is facing a major setback as users report losing over 109 ETH due to SIM swap and email attacks. The first user to notice the exploit, "froggie.eth," lost 20 ETH after his phone was SIM-swapped. Since then, more complaints have emerged, with users losing significant amounts of ETH.
Crypto investment firm Manifold Trading warns that every account connected to a phone number is at risk of a SIM swap, partly blaming FriendTech's current technical setup. The firm also highlights that FriendTech's setup technically allows a rogue developer to reconstruct private keys via Shamir-Secret-Sharing shares, putting the entire total value locked at risk.
Crypto investment firm Manifold Trading warns that every account connected to a phone number is at risk of a SIM swap, partly blaming FriendTech's current technical setup. The firm also highlights that FriendTech's setup technically allows a rogue developer to reconstruct private keys via Shamir-Secret-Sharing shares, putting the entire total value locked at risk.