A another sim swap causes a 7.8% drop in ???? FriendTech's TVL at the psychological threshold of $50M TVL (about $3.8 million USD)

The coincidence and root cause, was yet another simswap attack. The attacker managed to take control of several twitter accounts and thus the related friendtech accounts, allowing him to access several deposit portfolios of the platform.

What ensued was the sale of certain keys + withdrawal of Ethers. The event turned into a small bankrun (or better said "collective takeprofit opportunity") from FriendTech. Thankfully it was significantly reduced due to an equally high volume of key purchases as someone took advantage of the opportunity to gain access to underpriced keys.

I am very excited about the friendtech model and am curious to see further developments it will bring to the SocialFi sector, which so far has seen huge booms that have turned out to be flops over time. Recently, the Avalanche network has seen a spike in transactions due to the release of a clone product, Stars Arena. Also on Solana another clone, Friendzy, has emerged in recent weeks.

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