🚨Breaking news, BTC enthusiasts!🚨 Friend.tech's Total Value Locked (TVL) has experienced a significant decline, with its largest single-day drop of 7.8% in early October. Data analyst Tom Wan exposed the massive drop in TVL, which saw a loss of about 2.3K Ethereum. Despite the decline, idle capital remained steady at 10.34K ETH (approx. $17M) as redeemed keys were fully withdrawn from the network.📉

Key redemptions reached new heights on September 14, with a remarkable 6.7K ETH worth of keys redeemed. On October 4, there was a surge in key redemption, reaching a new high of approximately 2.1K ETH, valued at $3.5 million.🔑💰

The recent and ongoing sim swap problem is reportedly to blame for the sudden decrease in TVL. Scammers have made $387K in Ethereum through sim swap attacks on the network's users. Friend.tech has upgraded its system to include login removal options in response to the attacks.🔒📲