Coinbase’s Ethereum layer-2 chain, Base, has become a favored platform for DApp developers and early investors due to its exceptional performance and the innovative projects it attracts. Among these projects, the decentralized social media platform Friend.tech has played a pivotal role in driving Base’s remarkable growth in recent weeks, even in challenging market conditions.
Friend.tech’s Surge and Security Challenges
Friend.tech’s rapid ascent in popularity has caught the attention of the crypto community. Recent data indicates that Friend.tech now boasts over a million daily active users (DAUs), consistently achieving new transaction volume records, with a total value locked (TVL) exceeding $35 million.
Yet, as with any emerging trend in the crypto space, new security risks have emerged, primarily in the form of phishing attacks. Phishing attacks, characterized by social engineering tactics, have become a dominant threat in the realm of crypto theft, with losses surpassing $650 million in the Web3 sector by June 2023. This month alone has witnessed successful attacks targeting high-profile figures like Mark Cuban and Vitalik Buterin, resulting in the theft of millions.
Urging Hardware Wallet Protection
In response to the escalating security concerns, both Base and Friend.tech users are strongly advised to secure their digital assets through reputable hardware wallets. This entails safeguarding private keys and meticulously screening transactions to fend off potential threats.
CoolWallet’s Role in Enhancing Security
CoolWallet, a trusted hardware wallet manufacturer that seamlessly integrates with the Base ecosystem, has launched an anti-phishing campaign titled the Web3 Guardian Competition. The campaign aims to raise awareness about the critical importance of hardware wallet protection and to highlight CoolWallet’s cutting-edge security features, including the CoolWallet SmartScan. This feature proactively analyzes all Web3 transactions, identifying malicious behavior and potential smart contract vulnerabilities before users fall victim to exploitation.
Friend.tech has garnered a devoted following among crypto enthusiasts as one of the pioneering decentralized social networks built on the Base blockchain. Operating on blockchain technology and smart contracts, Friend.tech introduces a unique interaction model where users must purchase “shares” of other users to initiate conversations. Its mantra is “Your network is your net worth.”
To engage with Friend.tech, users must initially register using their Twitter (X) accounts, create profiles, and begin trading shares with other users who have also joined the platform. A user’s share price is determined by various factors, including popularity, reputation, and overall demand.
The act of acquiring shares from another user grants access to direct messaging and chatting privileges. The more shares acquired, the higher the priority of one’s messages in the conversation.
Given the recent surge in crypto phishing attacks that have ensnared even high-profile individuals like Vitalik Buterin and Mark Cuban, Friend.tech places significant emphasis on asset security. Consequently, it strongly recommends users utilize a hardware wallet for enhanced protection against threats such as phishing sites. Storing assets offline renders them less susceptible to online hacking attempts, providing a robust layer of security.
CoolWallet, established in 2014, has focused on securing Web3 assets since the launch of its flagship model, CoolWallet Pro, in 2021. This shift was driven by the necessity for users to interact with DeFi protocols that could potentially drain their accounts through unauthorized transactions.
CoolWallet Pro, well-suited to serve as a Friend.tech hardware wallet, distinguishes itself as one of the first cold wallets to support the Base network, boasting elite security features, including:
An EAL6+ secure element
Biometric verification on both the phone and device
A tamper-proof and waterproof design
Crucially, the CoolWallet App incorporates real-time Web3 transaction analysis through Web3 SmartScan.
While cold storage provides a high level of security, the foremost vulnerability remains human error or lapses in judgment, which can lead users into authorizing detrimental transactions or divulging recovery seeds or private keys to malicious actors.
CoolWallet’s SmartScan, available within the CoolWallet App, delivers native Web3 protection against phishing attempts. It automatically screens transactions, flagging suspicious activity, attempted phishing attacks, and smart contract vulnerabilities. This significantly enhances the security of cold storage, positioning CoolWallet as a leading choice among hardware wallet brands.
Promoting Web3 Asset Protection with the Web3 Guardian Competition
To foster awareness of Web3 asset protection and empower blockchain users to secure their crypto portfolios with SmartScan, CoolWallet has initiated a global competition. This competition aims to elevate user security awareness and offers substantial rewards to participants.