A Single Scammer Steals $385K Worth of Ether in 24 Hours
Reports indicate that a single scammer managed to steal approximately $385,000 worth of Ether (ETH) in less than 24 hours through SIM-swap hacks targeting Friend.tech users. The same hacker was responsible for draining the accounts of four victims by moving the crypto assets on-chain. One victim shared their experience on Twitter, revealing that the scammer conducted the attack from an Apple store and switched it to an iPhone SE. Other users also reported ongoing attacks in real-time and requested assistance.
Increasing Number of SIM-Swap Attacks
Earlier in the week, four additional Friend.tech users claimed to have their accounts drained due to SIM-swap or phishing attacks, resulting in approximately 109 ETH being stolen. Friend.tech allows users to purchase “keys” of individuals, granting access to private chat rooms with them. SIM-swap scams occur when scammers gain access to a victim’s phone number and use it for authentication, allowing them to access social media and crypto accounts.
Risks and Security Measures
Manifold Trading estimated that up to $20 million of Friend.tech’s total value locked could be at risk and urged the platform to enhance its account security measures by implementing two-factor authentication (2FA). There have also been calls for other platforms, including Twitter, to implement 2FA security measures to prevent mobile phone numbers from being leaked. Some experts advise removing phone numbers from social media accounts altogether to mitigate the risk of SIM-swap attacks.
Hot Take: Strengthening Security Measures is Crucial
The recent surge in SIM-swap attacks highlights the pressing need for enhanced security measures within the crypto industry. It is crucial for platforms like Friend.tech and Twitter to implement two-factor authentication (2FA) to protect users from these types of attacks. Additionally, individuals should take proactive steps such as removing phone numbers from their social media accounts to minimize the risk of being targeted. Strengthening security measures is paramount in safeguarding users’ crypto assets and maintaining trust in the industry.
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