113 Mev Bots Stolen Over 20,000 Keys On friend.tech Earned Over $2M Profits: Report

Key Points:

• Discovered at least 113 Mev Bots that have obtained more than 20,000 Keys on friend.tech and made a profit of more than $2 million.
• The bot made the highest profit, around $580,000, from 96 Keys.
• Earlier, this web3 social networking app dismissed the warning about potentially leaking user data.

21.co analyst Tom Wan said about 113 BOT contracts (robots) stole more than 20,000 keys from friend.tech and made a profit of more than $2 million.

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.

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.

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