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In response to a surge in SIM-swap attacks targeting its users, the creators of Friend.tech, a decentralized social media platform, have introduced an enhanced security measure. The new defense mechanism enables users to implement a two-factor authentication (2FA) password into their accounts to safeguard against potential threats arising from compromised cell carriers or email services.
In a recent update shared on platform X (formerly known as Twitter), Friend.tech emphasized the significance of this new feature, underlining its irreversible nature. The platform clarified that neither its team nor the Privy team has the capability to modify or retrieve these set passwords, highlighting the importance of user caution when activating this feature.
During September, Friend.tech experienced a series of attacks, including a notable incident involving "Froggie.eth," one of the early victims. This incident prompted multiple users to share their own experiences with digital theft. In total, approximately $172,000, equivalent to 109 Ether (ETH), was illicitly stolen from four users within a week. Another theft incident occurred within the next 24 hours, with fraudsters making off with Ether worth an additional $385,000.
Before implementing this new security enhancement, the platform had made modifications to its system on October 4, allowing users to modify their login methods to mitigate SIM-swap vulnerabilities.
However, these reactive measures faced criticism from some observers who believed that Friend.tech should have acted more swiftly, while others expressed relief, albeit with sarcasm. On a positive note, a prominent content creator on the platform, "0xCaptainLevi," highlighted the potential of the new 2FA system and expressed hopes for its transformative impact on the platform's growth.
Additionally, Jason Yanowitz, the founder of Blockworks, revealed the operational tactics of SIM-swap attackers, detailing a method that tricks users into disclosing a real verification code from Friend.tech to scammers, jeopardizing their account security.
As of now, Friend.tech's total value is approximately $43.9 million, with a decline from its peak value of $52 million on October 2, as reported by DefiLlama.
