Markets News Report
October 05, 2023

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 Users Fall Prey to Sim-Swap Attacks with Over $385K in Ether Stolen

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.

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.

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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 Asti
Nik Asti

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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