A single scammer pilfered $385K in Ethereum by SIM-swapping four FriendTech users within 24 hours.
FriendTech’s surge in popularity has made its users a prime target for such cyber-attacks.

In a shocking revelation, FriendTech, the rapidly growing crypto-social platform, finds itself entangled in a security breach – not at the platform’s level but at its users’. A tweet from ZachXBT @zachxbt highlighted,

The same scammer profited $385K (234 ETH) in the past 24 hours off SIM swapping four different FriendTech users. pic.twitter.com/03BoBEqGax

— ZachXBT (@zachxbt) October 4, 2023

FriendTech has not been compromised directly; instead, its users have become victims of the notorious SIM-swap method. This technique allows criminals to commandeer a user’s phone number, enabling them to bypass security measures and infiltrate online accounts. Several prominent members on the platform reported losing significant amounts of Ethereum to these attacks.

FriendTech’s Popularity: A Double-Edged Sword?

The FriendTech app, which witnessed over 100,000 registrations since its inception this year, allows users to buy their way into private chats with renowned crypto personalities. Yet, its increasing fame has rendered it vulnerable to these SIM-swap heists. Following the trail of stolen Ether has led experts to believe that the same scammer has been orchestrating these thefts.

Addressing these security concerns, FriendTech has rolled out fresh login methodologies, aiming to stymie SIM-swap oriented account breaches. Still, cybersecurity professionals stress the importance of users fortifying their defenses, such as enabling two-factor authentication. The consecutive incidents underscore the persisting threat of SIM-swap breaches in the crypto world. In just a span of days, FriendTech users have collectively lost Ethereum worth over $400,000.

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Filed under: Bitcoin - @ October 7, 2023 5:10 pm