SIM-Swap Hacker Bags $385,000 in Ether From Friend.tech Users

A relentless spate of SIM-swap attacks has been plaguing Friend.tech, a popular social crypto platform. Recent reports indicate that one perpetrator managed to amass around $385,000 worth of Ether in a single day by exploiting this vulnerability.

Cryptocurrency enthusiasts were set on high alert when ZachXBT, a prominent blockchain investigator, revealed that one hacker had successfully made off with 234 Ether by compromising the accounts of four Friend.tech users—all within a 24-hour period.

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The hacker managed to bypass account security by taking control of the victims' mobile phone numbers, a tactic known in the industry as SIM-swapping.

One of the latest victims took to social media to share their experience:

Got sim swapped. Apparently, dude was able to do it from an Apple store and switched it to an iPhone SE. Don’t buy my keys, that wallet is compromised.

Another user going by the handle "KingMgugga" posted a live attack update, while “holycryptoroni” confirmed they had fallen prey to the scam, stating, "I got swapped sorry.”

An additional four Friend.tech users claimed to have lost approximately 109 ETH due to similar attacks. In total, this makes for a significant number of compromised accounts in a short amount of time.

Friend.tech, known for allowing users to purchase "keys" that grant them access to private chats with other users, seems to be the latest hotspot for these types of scams.

These incidents have raised concerns about the overall security infrastructure of Friend.tech and similar platforms.

Manifold Trading, a company specializing in blockchain ecosystem tools, recently warned that up to $20 million of Friend.tech’s $50 million in TVL could potentially be at risk. They urged the platform to enhance its security features, specifically by incorporating two-factor authentication (2FA).

The founder and CEO of wallet security firm Delegate has suggested that one of the preliminary steps users can take is to remove their phone numbers from their social media profiles to lessen the risk of exposure.

As Friend.tech faces increased scrutiny over its security measures, it is clear that both platforms and individual users must take immediate action to reinforce account safety. The rampant SIM-swap attacks not only undermine user confidence but also pose a significant risk to the assets locked within these platforms.

Companies and users alike are advised to use two-factor authentication and other enhanced security measures to guard against future attacks.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
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Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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