3/ Over 113 BOTs contract have sniped over 20k Keys and profited $2M+
The methodology to identify bots is whether the trader is able to buy it at the same block with the key subject.
Kudos to @arixoneth for the amazing analysishttps://t.co/gaadjGpfFx pic.twitter.com/R1DTlt8HCP
— Tom Wan (@tomwanhh) August 23, 2023
In which, Bot: 0xCC…Cc85 made a profit of about 580,000 USD from 96 Keys. August 21 was the peak of friend.tech Bots activity, with 216,000 successful transactions and 308,000 failed transactions.
Source: Dune
friendtech achieved $6 million in TVL, $3 million in revenue, and ~100k users in less than 2 weeks. Not only crypto native users are using FT, but also celebrities who are not active in the crypto field have opened their FT accounts, which has highlighted the potential of SocialFi.
However, there have been warnings from market data analysts Spot On Chain, who posted on X that friend.tech’s API exposes user information.
When asked how this information could be used, Spot On Chain said it could be used to fool the system by allowing bots almost instantly to buy shares of KOL accounts as soon as they sign up for this Web3 social networking app.
Notably, after Spot On Chain’s post, Banteg provided evidence to reinforce friend.tech’s information leakage further. Banteg, a Defi developer active in the Yearn Finance community, posted a publicly collected data archive containing important information about friend.tech users on GitHub. Public data includes wallet addresses on Base, usernames, and corresponding Twitter avatars for more than 101,000 users.
Soon after, the team behind the viral decentralized social media platform friend.tech denied a report that the personal information of more than 100,000 users had been leaked. The project team has clarified that this information comes from its public API collection.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
