In the blockchain realm, privacy and security are paramount. However, a GitHub repository created by a Yearn Finance developer, @Bantg, recently caused an uproar by listing the crypto wallet addresses linked to popular social platform, Friend.tech users. The site operates on the Base network and offers users the opportunity to buy “shares” of any account on X (previously Twitter), granting shareholders certain privileges, such as the ability to send direct messages.
The list, which is no longer visible, allegedly showcased over 100,000 wallet addresses associated with their corresponding X users. This surge parallels the platform’s substantial revenues post its Aug. 10 launch, generating a remarkable $25 million in fees, according to DefiLlama statistics.
In the Dune Analytics dashboard, there was proof corroborating this increased uptake, showing more than 80,000 unique users and an addition of 15,000 users since Sunday. Now, the chief concern stems from the probabilities of users viewing blockchain transactions linked to those wallets. On the other hand, some developers aren’t perturbed by this, arguing that these public wallet addresses pose no immediate cause for anxiety.
“I think Friend.tech should have made it more explicit and notified users that their deposit address will become public and will be traced by Twitter profile,” suggested @AlexSmirnov. On the other hand, @Bantg, posited that users gave Friend.tech the necessary permissions to post on X, presenting a potential attack vector.
While the public addresses cause disquiet among some users, Friend.tech’s success is indisputable. Over the past 24 hours, the platform has made over $1.04 million in fees. As a result, the platform has banked nearly $709,000 worth of ether in revenue (after gas fees and other costs).
Prominent personalities from spheres beyond crypto on X have signed up to Friend.tech, ranging from esports co-founder Richard “FaZe Banks” Bengtson II to NBA player Grayson Allen, whose shares soared within hours of joining.
In the light of these events, it’s clear that the excitement around social platforms like Friend.tech is accompanied by new challenges and risks. Increased transparency can result in heightened vulnerability, thereby addressing the delicate balance between transparency and privacy in a transaction-heavy realm like blockchain with an added layer of complexity. As the technology continues to penetrate mainstream social platforms, users ought to remain vigilant, understanding the possible repercussions of data visibility.
Source: Coindesk
