Friend.Tech users' money lost due to unsecure accounts

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Friend.Tech users' money lost due to unsecure accounts

The security of Friend.Tech users' money is at risk due to a wave of reported unsecure accounts and the loss of funds through SIM-swap attacks and hacks.

In an October 3 post on X, Daren revealed that he was SIM swapped and robbed of 22 ETH.

Daren added that due to a series of spam calls, he enabled the silent mode on his phone. However, he did not overlook a critical notification from Verizon regarding suspicious activity on his account. He added: ''It's a good thing if you're not a scientist, '' he added.

Dipper, another victim, said that their FT account was breached despite their use of a strong password. But that couldn't stop the attacker, who siphoned all the keys and funds in the wallet to another. Dipper claims to have lost 6.5 ETH to the incident.

Following the attacks, SlowMist founder Cos said Friend.Tech's centralization risks information leakage because the platform requires users to register with a mobile phone number, a Gmail email address, or an Apple account. He added: 'It's hard to find a way to make the most out of it,' he said.

According to Dune Analytics, Friend.Tech has seen a viral expansion that has seen the total value of assets locked on the platform balloon to over 30,000 ETH, about $50 million.

These security concerns pose a significant threat to the funds of Friend.Tech users. Manifold's assessment suggests that a minimum of $20 million in the platform users' assets may be vulnerable to sim-swap attacks.