Connect with us

Hi, what are you looking for?

Investing

User Interface Bug in Friend.tech Caused Traders to Overpay 187 ETH for ‘Keys’

A bug in the user interface implementation of Friend.tech has led to traders overpaying for ‘keys’ on the platform.

In a recent post on X, security researchers Pawel Wylecial and ‘E.Laszlo’ said the bug arises from the user interface caching information before transactions are created, causing it to fall out of sync with the blockchain over time.

The issue is most likely triggered when multiple users trade ‘keys’ for the same account.

Traders, unknowingly affected by this bug, ended up overpaying for their ‘keys.’

Issue 1: Lack of UI synchronization with the current blockchain status resulting in outdated prices to fill out the transaction data.

Issue 2: No refund function is implemented for such transactions.

Result: More than 440 (+187 through app) excess ETH sent and locked forever.

— E.Laszlo (@ELaszlo_) February 1, 2024

Traders Overpaied 2.44 ETH to Acquire Keys

During one particular launch, E.Laszlo observed traders spending an excessive amount of 2.44 ether to acquire ‘keys.’

According to Dune’s analysis, the total excess expenditure by traders is estimated to be around 445 ether.

Additionally, approximately 43,173 transactions were processed through the flawed front end.

The analysis further highlights that two traders, dpats_ and HerroCrypto, have sent over 1 ether in excess payments.

The researchers claim to have previously reported the bug to the Friend.tech team.

However, the team allegedly classified it as ‘out of scope,’ suggesting that no action was taken to address the issue.

Friend.tech’s Popularity Drops After Splashy Debut

Friend.tech, launched on August 10, 2023, has become one of the top decentralized applications (dApps) on the Base layer, attracting over 200,000 users and facilitating a trading volume exceeding $230 million.

The platform uniquely converts user influence into tradable tokens known as “keys,” allowing users to gain access to a creator’s attention or influence.

The model has attracted not only cryptocurrency influencers but also NBA players and esports personalities, broadening its appeal beyond the crypto space.

One significant factor contributing to Friend.tech’s popularity was the hype surrounding the Base network, a Layer 2 solution associated with Coinbase.

The involvement of Paradigm, an investment firm connected to Coinbase, further increased confidence in Friend.tech’s potential.

However, the platform has also faced privacy concerns, particularly regarding the potential for user doxxing due to the link between Twitter profiles and Ethereum addresses.

Friend.tech has addressed these concerns by clarifying that the information deemed leaked was actually from their public API, showcasing the platform’s open nature while also highlighting the importance of user caution in protecting personal information.

Nevertheless, Friend.tech has seen its popularity drop as of late.

According to a Dune analytics dashboard, the project raked in more than $1 million in revenue last year.

However, its revenue has recently fallen to under $20,000 over the past couple of days.

The post User Interface Bug in Friend.tech Caused Traders to Overpay 187 ETH for ‘Keys’ appeared first on Cryptonews.

You May Also Like

Editor's Pick

Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

Editor's Pick

In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...

Editor's Pick

For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

Editor's Pick

After the final lecture of my Fall 2022 International Economic Policy course (an undergraduate offering meant to introduce non-economics majors to the economics of...



Disclaimer: impactofincome.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 impactofincome.com