Friend.tech, the decentralized social application operating on Coinbase’s Base blockchain, has made notable shifts in its treasury management and security measures, reflecting broader trends in blockchain and cryptocurrency management. Analyst Tom Wan recently highlighted that in December, the platform moved all earned fees from an externally owned account (EOA) address to a multi-signature (multisig) address. Additionally, it transferred half of its earned revenue, amounting to 7,800 ETH (approximately $16.6 million), to Coinbase.
1/ @friendtech treasury (All Earned Fees) finally moved from an EOA Address to a Multi-Sig one in Dec.
In the meantime, they also sent half of their earned fees, which is 7,800 ETH ($16.6M), to Coinbase pic.twitter.com/UoISqyUGGV
— Tom Wan (@tomwanhh) January 7, 2024
The move to a multisig address is a significant step in enhancing the security and governance of Friend.tech’s funds. Multisig addresses require multiple signatures to execute transactions, thus reducing the risk of unauthorized withdrawals.
The same scammer profited $385K (234 ETH) in the past 24 hours off SIM swapping four different FriendTech users. pic.twitter.com/03BoBEqGax
— ZachXBT (@zachxbt) October 4, 2023
This shift also followed an unsettling event in October when Friend.tech users became victims of SIM-swapping attacks, resulting in a theft of about $400,000 within a day. Furthermore, in November, another sophisticated phishing attack targeted Friend.tech users, emphasizing the growing need for robust security measures.
