Friend.tech Hit by SIM Swap Attacks, Resulting in Loss of Tokens
A popular crypto social platform called Friend.tech experienced a series of SIM swap attacks over the weekend, leading to the theft of thousands of dollars worth of tokens from users’ accounts. One user, Daren, publicly shared his experience on Twitter, revealing that the hacker was able to sell all 34 keys he owned on the platform and drain the 22 Ethereum (ETH) he held, valued at around $36,250. Despite regaining control of his mobile phone number, Daren discovered that the hacker still had access to his Friend.Tech account. Another user named Froggie.eth also fell victim to a similar attack, losing over 20 ETH. SIM swap attacks involve tricking mobile carriers into transferring a victim’s phone number to a SIM card controlled by the attacker.
Linking Real-World Identities with Crypto Wallets Leaves Users Vulnerable
Although Friend.tech itself was not compromised in these incidents, its use of blockchain technology to link users’ real-world identities with their crypto wallets makes them susceptible to hacking techniques like SIM swapping. To prevent future attacks, users have called for increased security measures such as two-factor authentication (2FA). Despite its rapid growth and success in attracting over 100,000 users within two weeks of launch and generating $25 million in its first month, Friend.tech has faced criticism regarding its sustainability. Critics compare its model to a Ponzi scheme and express concerns about a potential rush to sell keys and the platform collapsing.
Hot Take: Friend.tech Must Enhance Security Measures for User Protection
The recent SIM swap attacks on Friend.tech highlight the importance of prioritizing user security in the crypto space. The platform’s innovative approach of linking real-world identities with crypto wallets has made it vulnerable to hacking attempts. To ensure the safety of users’ funds and personal information, Friend.tech should implement additional security measures, such as two-factor authentication (2FA). By incorporating these measures, the platform can prevent unauthorized access and potential loss of tokens. It is crucial for crypto platforms to stay ahead of evolving hacking techniques and protect their users from such attacks. As Friend.tech continues to grow, it must prioritize user protection and maintain trust within the crypto community.
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