Cryptocurrency startup FriendTech suffered a data breach that impacted over 100,000 of its users, according to reports. The exposed user data includes linking FriendTech accounts to individuals’ cryptocurrency wallets and social media profiles.
While concerning at first glance, experts say this breach may not represent a major security risk for affected users. Cryptocurrency wallets utilize pseudonyms and do not reveal real-world identities. Many crypto users already take precautions to separate their wallets from their online profiles. And the core functionality of wallets – accessing funds – is not compromised.
101k wallets were just “leaked” from friend tech???
— NFT POWER RANKINGS (@nftpowerranking) August 21, 2023
You mean someone just checked the blockchain???
This isn’t a leak lol and it’s kinda embarrassing for a crypto publication to call it one 🤦♂️
Did your wallet get leaked to me if I check who holds the nft you use as your pfp? pic.twitter.com/k0hY8eVoOV
However, the linking of wallets to personally identifiable profiles does erode privacy. FriendTech users may wish to take cautionary steps like moving funds to new wallet addresses unconnected to their accounts.
The bigger issue highlighted by the breach is FriendTech’s lack of transparency and privacy safeguards for its users. With no published privacy policy, users may not have fully understood the extent of data linkage occurring behind the scenes. The company will likely face scrutiny for its security practices going forward.
While periodic data breaches are an unfortunate reality of the digital age, this incident serves as an important reminder about separating our online identities and being selective in sharing personal data. For cryptocurrency enthusiasts, it emphasizes the need for vigilance and proactive security hygiene.
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