Scammer Swindles $385,000 Worth of Ether in Less Than 24 Hours
In a recent incident, an individual managed to steal approximately $385,000 worth of Ether (ETH) within a span of 24 hours. The scammer targeted users of the popular platform Friend.Tech through SIM-swapping hacks.
Details of the Hack
A blockchain investigator named ZachXBT reported that the hacker successfully stole 234 ETH by manipulating the SIM cards of four unsuspecting Friend.Tech users. What’s even more concerning is that all the illicit cryptocurrency transfers can be traced back to the same individual.
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
One victim shared their experience, revealing that their SIM card was changed without their knowledge. The hacker was able to switch it to an iPhone SE, gaining access to their wallet and stealing their keys.
Multiple Victims and Previous Attacks
Another user on Twitter reported witnessing the attack unfold in real-time and asked for help. Another victim confirmed that they had also fallen prey to a similar attack. This is not the first time Friend.Tech users have faced such security breaches. Earlier in the week, four more users reported that their accounts were drained due to SIM swaps or phishing attacks, resulting in the theft of approximately 109 ETH.
Friend.Tech Responds with Enhanced Security Measures
Friend.Tech, a platform that allows users to purchase individual keys for private chat rooms, is now grappling with a significant security issue. To address this, Manifold Trading has suggested that Friend.Tech strengthen its account security measures by implementing two-factor authentication (2FA). This additional layer of protection can help safeguard up to $20 million of the total locked-up value of $50 million on Friend.Tech.
You can now add and remove log in methods for your account. To access these settings, tap your wallet balance in the top right corner of the app pic.twitter.com/d37VWVk2Eb
— friend.tech (@friendtech) October 4, 2023
In response to the recent breaches, Friend.Tech has introduced a new feature that allows users to remove specific login options, including phone numbers. This move aims to prevent the disclosure of mobile phone numbers, which is often exploited by hackers in SIM-swapping attacks.
Hot Take: Protecting Your Crypto Assets
The recent SIM-swapping hacks on Friend.Tech highlight the importance of securing your cryptocurrency assets. Implementing two-factor authentication (2FA) and regularly reviewing and updating security measures can help protect against such attacks. Additionally, it is advisable to avoid linking your mobile phone number to social media accounts to minimize the risk of SIM swaps. Stay vigilant and take proactive steps to safeguard your valuable cryptocurrencies.
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