- Traders overpaid for ‘keys’ on Friend.tech due to UI bug
- Issue of lack of UI synchronization with blockchain status
- No refund function for affected transactions
- Traders spent 2.44 ether to acquire ‘keys’
- Total excess expenditure estimated to be around 445 ether
- More than 43,000 transactions were processed through flawed front end
- Friend.tech launched on August 10, 2023 and became a top dApp on the Base layer
- The platform converts user influence into tradable tokens known as “keys”
- Friend.tech has faced privacy concerns related to user doxxing
- Revenue of Friend.tech has fallen to under $20,000 over the past couple of days
1. Bug in Friend.tech User Interface
– The bug in the user interface implementation of Friend.tech has caused traders to overpay for ‘keys’ on the platform.
– This issue arises from the user interface caching information before transactions are created, causing it to fall out of sync with the blockchain over time.
– The bug is likely triggered when multiple users trade ‘keys’ for the same account, resulting in traders overpaying for their ‘keys’.
2. Impact of the Bug
– Traders have overpaid a total of 2.44 ether to acquire ‘keys’ on the platform, with an estimated total excess expenditure of around 445 ether.
– Approximately 43,173 transactions were processed through the flawed front end, leading to overpayments by multiple traders.
– Some traders, such as dpats_ and HerroCrypto, have sent over 1 ether in excess payments due to the bug.
3. Response from Friend.tech Team
– The bug was reportedly brought to the attention of the Friend.tech team by security researchers, but it was classified as ‘out of scope’ and no action was taken to address the issue.
– This lack of response and action from the platform’s team has led to frustration and financial loss among the traders affected by the bug.
4. Friend.tech’s Popularity and Revenue
– Despite initially gaining popularity as one of the top decentralized applications (dApps) on the Base layer, attracting over 200,000 users and facilitating a trading volume exceeding $230 million, Friend.tech has seen a drop in its popularity.
– The platform’s revenue has also fallen from more than $1 million last year to under $20,000 over the past couple of days.
– The platform’s involvement with the Base network, Coinbase, and Paradigm initially contributed to its popularity, but concerns about user privacy and the bug in the user interface have likely impacted its reputation and revenue.
5. Privacy Concerns and User Caution
– Friend.tech has faced privacy concerns, particularly regarding the potential for user doxxing due to the link between Twitter profiles and Ethereum addresses.
– The platform has clarified that the information deemed leaked was from their public API, highlighting the importance of user caution in protecting personal information.
Overall, the bug in the user interface of Friend.tech has led to significant financial losses for traders and has contributed to a decline in the platform’s popularity and revenue. This highlights the importance of addressing such issues promptly and transparently and the need for user caution in interacting with decentralized applications.
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