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Yesterday's Ethereum Theft Leaves Friend.tech Users $385,000 Short

Yesterday’s Ethereum Theft Leaves Friend.tech Users $385,000 Short

The Decentralized Social Network Friend.tech Falls Victim to SIM Swap Attacks

The decentralized social network Friend.tech has once again been targeted by a series of SIM swap attacks, resulting in the loss of $385,000 worth of Ethereum for four users. Crypto sleuth ZachXBT tracked down the on-chain movement and discovered that the same hacker drained the accounts of all four victims within 24 hours.

Understanding SIM Swap Attacks

SIM swapping is a tactic used by hackers to trick mobile carriers into transferring a user’s phone number to their own SIM card. With access to the victim’s phone number, they can then gain entry into online accounts linked to that number.

The Impact on Friend.tech Users

Several Friend.tech users reported being victims of SIM swap attacks in real-time. One user, Sumfattytuna, shared their experience on Twitter, stating that the hacker was able to perform the swap from an Apple store and switch it to an iPhone SE. Another user named KingMgugga also witnessed their account being compromised during the attack.

Previous Attacks and Response from Friend.tech

Earlier this week, four other Friend.tech users claimed that their accounts had been drained due to SIM swaps, resulting in approximately 109 ETH being stolen. When contacted by Decrypt for a response, Friend.tech did not immediately reply. However, they later announced the implementation of a new feature that allows users to log into their accounts without using their phone numbers.

A Warning from Manifold Trading

Crypto investment firm Manifold Trading issued a warning about the risks posed by SIM swaps on Friend.tech accounts. They estimated that if 1/3 of Friend.tech accounts are connected to phone numbers, there could be up to $20 million at risk from these types of attacks.

The Rise of SIM Swap Attacks in the Crypto Industry

SIM swap attacks have been increasingly prevalent in the crypto industry. Last year, FTX, BlockFi, and Genesis had their data exposed in attacks targeting Kroll, the vendor responsible for overseeing creditor claims for insolvent businesses. Even Ethereum co-founder Vitalik Buterin fell victim to a SIM swap attack, which allowed hackers to gain access to his Twitter account.

Protecting Yourself from SIM Swap Attacks

If you want to protect yourself from SIM swap attacks, it is recommended to use authentication apps like Google Authenticator instead of relying on SMS-based two-factor authentication. Symptoms of a SIM swap attack typically manifest within 24-48 hours, with victims experiencing issues such as not receiving calls or texts and being unable to access online accounts.

Hot Take: The Importance of Securing Your Crypto Accounts

These recent SIM swap attacks on Friend.tech highlight the importance of securing your crypto accounts. Hackers are becoming increasingly sophisticated in their tactics and can cause significant financial losses if successful. It is crucial to take steps to protect your personal information and utilize strong security measures such as two-factor authentication through trusted apps. By staying vigilant and proactive in safeguarding your crypto assets, you can minimize the risk of falling victim to these types of attacks.

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Yesterday's Ethereum Theft Leaves Friend.tech Users $385,000 Short