Crypto-Based Social Media Platform FriendTech Enhances Security Measures
FriendTech, a social media platform based on blockchain technology, has introduced a new feature that allows users to switch from phone number verification to email verification. This update comes in response to several incidents of SIM swap attacks, where users’ funds were stolen from their accounts.
The Rise of SIM Swap Attacks on FriendTech
In the past week, at least six FriendTech users have reported falling victim to SIM swap attacks. During these attacks, hackers gained unauthorized access to user accounts and liquidated their keys, which are social tokens linked to influencers on the platform and provide certain benefits to holders.
What is a SIM Swap Attack?
A SIM swap attack occurs when a hacker convinces a telecom provider to transfer a victim’s phone number to a new SIM card under the attacker’s control. With control over the victim’s phone number, the attacker can intercept text messages and calls, bypassing two-factor authentication measures.
Recent Incidents on FriendTech
On October 3, two incidents were reported, resulting in a loss of 42 ETH (approximately $70,000). In the past day alone, four more FriendTech users fell victim to SIM swap attacks, leading to accumulated losses of approximately $385,000.
On-chain investigator ZachXBT has highlighted these incidents.
Understanding the Vulnerabilities of SIM Swap Attacks
Ouriel Ohayon, co-founder and CEO of Zengo wallet, explains that attackers can identify potential SIM swap victims among FriendTech users by gathering information from their public X accounts. By analyzing on-chain records, attackers can infer data about specific users and combine it with information from previous data breaches to obtain their phone numbers. This facilitates the execution of SIM swap attempts with telecom providers.
It is crucial for FriendTech users to be aware of these vulnerabilities and take necessary precautions to protect their accounts and funds.
Hot Take: FriendTech Takes Action to Enhance User Security
FriendTech’s decision to introduce email verification as an alternative to phone number verification is a significant step towards improving user security on the platform. By providing users with more options, FriendTech aims to mitigate the risks associated with SIM swap attacks and protect user funds.
However, it is essential for users to remain vigilant and proactive in safeguarding their accounts. Regularly updating passwords, enabling two-factor authentication, and monitoring account activity are crucial steps in maintaining a secure online presence.
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