The world of cryptocurrency and blockchain technology is no stranger to innovation and disruption, and the emergence of Friend.tech has recently caught the attention of tech enthusiasts and investors alike. This new decentralized social platform has gained considerable traction due to its unique approach to combining social engagement with investment opportunities. However, a recent controversy has cast a shadow over Friend.tech, as the data of 101,000 users was leaked, sparking concerns about privacy and security.

Friend.tech’s Rapid Rise and Innovative Ideology

Friend.tech (Source: Nft Now)
Source: nft now

Friend.tech, a term associated with Racer, a key figure in application development, has introduced a decentralized social media platform tailored for crypto personalities. At its core, the trending SocialFi project utilizes digital “shares” that represent ownership within the platform’s interactions. Similar to stock ownership, these shares offer users a stake in crypto personalities’ activities. Notably, the platform’s unique feature lies in its organic approach to joining and leaving group chats, fostering a dynamic and engaging experience.

To join specific groups, users pay a participation fee, receiving shares in return. If users decide to leave, they can liquidate their group shares. This model not only offers social benefits but also potential financial gains, with the base price of shares rising as group participation increases. Friend.tech’s growth has been remarkable, with 126,000 transactions and over 4,400 ETH in trading volume since its inception less than three weeks ago.

MEXC x CoinWire - 970x90

Data Breach Raises Alarms and Prompts Debate

Image 37 1
A part of the leaked data

The excitement surrounding Friend.tech has been dampened by a recent data breach involving the exposure of user information. Banteg, a core contributor to Yearn Finance, revealed that details of over 101,000 Friend.tech users, including wallet addresses and Twitter usernames, were scraped and published on GitHub. This information, which users had granted permission to Friend.tech to post on their behalf, raised concerns about privacy and consent.

Related: Worldcoin Under Regulatory Scrutiny: Biometric Data Concerns

Banteg’s actions prompted a discussion about the platform’s permissions and the nature of the leak. Spot On chain analysts discovered that Friend.tech’s API had exposed information, such as user wallet addresses. Friend.tech defended its stance, claiming that the information was publicly available through its API and comparing it to viewing public Twitter feeds.

Friend.tech’s Response

In response to the news, the trending SocialFi platform has defended itself, stating that the leaked data resulted from scraping their publicly accessible API, which merely displays the connection between public wallet addresses and public Twitter usernames.

The company drew an analogy, likening the situation to claiming someone was hacked by observing their public Twitter feed. By highlighting the public nature of the information and the nature of their API, Friend.tech aims to downplay the severity of the data leak and emphasize that no unauthorized intrusion or breach occurred.

Conclusion

Friend.tech’s meteoric rise as a novel decentralized social platform, offering a fusion of social interaction and investment opportunities, has garnered substantial attention. However, the recent leak of data from 101,000 users has spotlighted the challenges that emerging platforms like Friend.tech face in terms of privacy and security. The controversy emphasizes the importance of robust security measures and transparent data handling, especially as such platforms gain popularity and attract a larger user base. As the crypto industry continues to evolve, the incident serves as a reminder that innovation must be accompanied by stringent safeguards to protect users’ sensitive information and uphold their trust.

Follow CoinWire on Google News

MEXC x Coinwire - 300x250