Friend.tech has experienced a significant loss of value recently, with the platform's total value locked (TVL) recording its largest single-day decline of 7.8% in early October. Additionally, there have been significant key refunds on Friend.tech and ongoing sim swapping attacks have cast a shadow over the network.

On October 4, there was a loss of approximately 2.3K Ethereum in Friend.tech's TVL. According to DefiLlama statistics, the platform's TVL decreased from 29.19K ETH to 27.14K ETH. By early October 6, TVL had dropped to 26.48K ETH.

In terms of key refunds, September 14 peaked with 6.7K ETH worth of key refunds. On October 4th, there was a significant increase in key redemptions and a new peak of approximately 2.1K ETH was recorded.

It is stated that the reason for the sudden TVL drop on Friend.tech is fraudsters who carry out sim swapping attacks on network users.