Friend.tech Introduces Enhanced Security Measures: Email Login Now Available
Date: 2023-10-06 Author: Dima Zakharov Categories: BUSINESS, IN WORLD
Enhancing Security and Preventing Unauthorized Access
The decision to implement this feature comes on the heels of several incidents related to SIM card substitution. In these attacks, some users reported funds being siphoned from their accounts. One distraught user claimed the loss of 22 ETH, presumably taken by perpetrators through SIM card replacement.
A Worrying Trend: Significant Losses
Analyst ZachXBT sounded the alarm, revealing that within the past 24 hours, a single scammer managed to pilfer a staggering $385,000 by exploiting SIM card swaps affecting four friend.tech users. Such incidents have raised concerns about the vulnerability of this social platform.
Cybersecurity Expert's Warning
Prior to this development, cybersecurity expert Sian Yui, the founder of Slowmist, had already alerted users to the potential compromise of friend.tech accounts. In these cases, hackers gain access to user accounts and deactivate their keys—social tokens linked to influential individuals on the platform, granting unique advantages to their owners.
Email Login: A Step Towards Enhanced Security
The new feature enables users of the SocialFi platform to log in using their email addresses. It is expected to elevate the overall security of the platform and help thwart unauthorized access to user accounts. This proactive measure seeks to safeguard users from further breaches and losses.
Historical High for TVL Protocol
In a related development, in October 2023, the Total Value Locked (TVL) in friend.tech protocol reached an all-time high. This achievement underscores the platform's continued growth and adoption despite recent security concerns.
