Ethereum

<ul>
 <li>Friend.tech has upgraded its treasury security by moving all earned fees from a traditional EOA address to a more secure multisig address.</li>
 <li>This transition in December marks a critical step in enhancing the platform's financial governance and asset protection.</li>
 <li>The platform’s TVL has dropped approximately 50% from its peak, standing at approximately $33 million at press time.</li>
</ul>
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.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0108d2c4f3704ef19dd9295df0d215f6.png">
The move to a multisig address is a significant step in enhancing the security and governance of <a href="https://cryptotale.org/on-chain-data-shows-friend-techs-mev-bots-profits-exceed-2-million/" rel="noopener noreferrer nofollow">Friend.tech</a>'s funds. Multisig addresses require multiple signatures to execute transactions, thus reducing the risk of unauthorized withdrawals. This shift also followed an unsettling event in October when Friend.tech users became victims of SIM-swapping attacks, resulting in a <a href="https://twitter.com/zachxbt/status/1709697295464141208?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1709697295464141208%7Ctwgr%5E25a87bd10f158f38ba0fe62855c0f1564eb72d4c%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptonews.com%2Fnews%2Ffriend-tech-completes-on-chain-transaction-for-ownership-transfer.htm" rel="noopener noreferrer nofollow">theft of about $400,000</a> within a day. Furthermore, in November, another <a href="https://slowmist.medium.com/beware-of-phishing-attacks-by-fake-journalists-9cc3ed09d7c9" rel="noopener noreferrer nofollow">sophisticated phishing attack</a> targeted Friend.tech users, emphasizing the growing need for robust security measures.
Read full article at C<a href="https://cryptotale.org/friend-tech-elevates-security-with-complete-transition-to-multisig-treasury/" rel="noopener noreferrer nofollow">ryptoTale.</a>

Friend.tech Elevates Security with Complete Transition to Multisig Treasury

CryptoTale

Other articles published on Jan 8, 2024

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