Several users have reported that their Friend.tech accounts were hacked and their assets were stolen, raising doubts about the platform's decentralization claims. The founder of SlowMist pointed out that Friend.tech offers centralized services without two-factor authentication, making it an easy target for attackers.

One user lost 22 ETH through a SIM swap attack on Friend.tech, and others have suggested using separate phones while exploring the platform. Despite these security concerns, Friend.tech has seen significant growth, with revenue of over 10,000 ETH and a total value locked of 30,165 ETH, and its sniper bots generating impressive profits.