July 21, 2024
Latest Cryptocurrency News

Friend.tech Enhances Security Features in Response to SIM-Swap Attacks

The decentralized social network Friend.tech has made an announcement on social media regarding an updated feature. This feature will enable users to manage their login methods for accessing their accounts. This update comes in response to recent reports of SIM-swap attacks.

On October 4th, Friend.tech revealed that users can now access these settings within the app by simply tapping on their wallet balance to initiate changes. However, the platform addressed user concerns about the absence of a two-factor authentication passcode feature. They explained that the current state of this feature could potentially lead to users being locked out of their accounts. Friend.tech has recommended user experience (UX) improvements to Privy, the company responsible for enabling privacy features.

Friend.tech noted that Privy is actively working on implementing these suggested changes and that they will integrate the feature once it’s ready. During a Q&A session on October 2nd, some users of Friend.tech reported issues with passcode confirmation prompts and difficulties in resetting passcodes when mistyped, both related to Privy and Friend.tech.

In response to the update, many users expressed frustration at being locked out of their accounts. Some users reported that even after removing their phone numbers and switching to alternative authentication methods, sessions on other devices were not logged out, potentially leaving the door open for hackers to remain logged in.

These updates come in the wake of security incidents on October 4th, when users reported compromises to their accounts due to hackers gaining control of their mobile numbers through SIM-swap attacks. These incidents resulted in the theft of over 100 ETH in just one week.

The security breaches persisted into October 5th, during which time the perpetrators behind the attacks managed to obtain at least $385,000 worth of Ether. All of this occurs amidst significant revenue growth for Friend.tech, with substantial increases in surges totaling 10,663 ETH and a total locked value exceeding 30,000 ETH.

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