FriendTech rolls out two-factor authentication in response to sim-swap attacks FriendTech rolls out two-factor authentication in response to sim-swap attacks
The social protocol warned that it cannot help users to recover or reset new passwords if they are lost.
2 min read
Updated: Oct. 10, 2023 at 11:00 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Decentralized social media protocol Friend.Tech has introduced a two-factor authentication (2FA) security feature following recent sim-swap attacks on its users.
FriendTech introduces 2FA
In an Oct. 9 post on X (formerly Twitter), Friend.Tech disclosed that its users can further bolster the security of their accounts by implementing a 2FA that adds a layer of protection, especially in cases where a user’s mobile carrier or email service has been compromised.
With the new development, FriendTech users must enter their passwords each time they log in from a new device. This update follows a prior security improvement that allowed users to change their login methods on the platform.
Friend.Tech urged its users to exercise caution when using the feature as its team, nor that of privy can help its users recover or reset their passwords. The team had previously delayed the introduction of the 2FA because it wanted to address this password reset challenge.
This move is part of the protocol’s effort to curb an increase in the recent sim-swap attacks suffered by its users. CryptoSlate previously reported that around $20 million of the platform users’ funds were at risk of these attacks.
Community reaction
The crypto community has welcomed news of the introduction of the 2FA, with some projecting that this could help the platform soar to new highs.
One of the most popular accounts on Friend.Tech, “0xCaptainLevi,” emphasized the significance of the 2FA. According to the creator, the new security update could propel the total value of assets (TVL) locked on the social media platform to $100 million.
Data from DeFillama shows that the protocol’s TVL currently sits at $44.63 million as of press time.
Meanwhile, SlowMist founder Cos said Friend.Tech users should remain vigilant of their operating environment. Cos said:
“Once there are Trojans and the like, no 2FA can protect you. Including not being tricked into executing JavaScript code of unknown origin in the friend.tech running browser console, otherwise you will be finished.”
Earlier today, The Defiant head of news Yyctrader revealed that they lost 22 ETH to “an elaborate phishing scam.” It was unclear if the theft had occurred despite their implementation of the 2FA.
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