Friend.tech Users Lose Over $385K in Eth, Suffer Repeated Sim-Swap Attacks
In Brief
Friend.tech users are facing increased threats as scammers exploit leaked mobile numbers, leading to the theft of $385K in Ether from their accounts.
Friend.tech, the platform allowing users to buy “keys” to private chat rooms, has become the latest victim of cyber attacks, with SIM-swapping scammers draining substantial amounts from its users. Over a span of 24 hours, a scammer managed to siphon off Ether valued around $385,000.
This was not a one-off incident but part of a larger trend that seems to specifically target Friend.tech’s user base.
Blockchain investigator ZachXBT shed light on the issue when he disclosed that this single perpetrator pilfered 234 ETH in a day by targeting four separate Friend.tech accounts. Notably, the digital trail of these transactions led back to one individual hacker.
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
In a distressing public appeal, one victim voiced his concerns on Twitter. He warned other users about his compromised wallet. He also detailed how the scammer switched his SIM at an Apple store.
Earlier in the week, more Friend.tech users shared their experiences. They reported a combined loss of about 109 ETH. This was attributed to SIM-swap attacks or phishing attempts.
I was just SIM swapped and robbed of 22 ETH via @friendtech
— daren (friend, friend) (@darengb) October 3, 2023
The 34 of my own keys that I owned were sold, rugging anyone who held my key, all the other keys I owned were sold, and the rest of the ETH in my wallet was drained.
If your Twitter account is doxxed to your real… pic.twitter.com/5wA86mjYEG
Decoding the Friend.Tech Scam
For the uninitiated, a SIM-swap scam involves the scammer acquiring control of the target’s phone number. Armed with this access, they bypass authentication measures, infiltrating the victim’s social media and cryptocurrency accounts.
Given the scale and frequency of these attacks, Manifold Trading has raised a red flag. The firm has estimated a staggering $20 million of the total $50 million locked in Friend.tech is in jeopardy. Their urgent recommendation for the platform: strengthen account security and introduce two-factor authentication.
This isn’t the first time Friend.tech users have endured such losses. A notable incident from the past saw a high-profile user, darengb, losing 22 Ethereum due to a similar SIM swapping assault. He took to Twitter to narrate the sequence of the attack, highlighting the potential risks associated with the platform.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
