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Friend.tech Users Targeted in $385K SIM-Swap Scam


A crafty scammer has reportedly swiped nearly $385,000 in Ether (ETH) within a day, exploiting a rash of SIM-swap attacks focused on Friend.tech users.

Blockchain detective ZachXBT identified on Oct. 5 that a single hacker had stolen 234 ETH within one day, targeting four Friend.tech users through SIM-swapping.

Observing the crypto assets' on-chain activity linked all thefts back to this one individual. During the attack, "KingMgugga", a user, shared the live distress of witnessing the SIM-swap, pleading for assistance on platform X. Another X user, "holycryptoroni," also reported a similar attack, expressing regret over their compromised account.

Earlier in the week, another four Friend.tech users reported a loss of around 109 ETH due to either SIM-swapping or phishing.

Friend.tech lets users buy "keys" to private chat rooms with specific individuals. In a SIM-swap scam, criminals hijack the victim's phone number to bypass authentication, giving them access to the victim's crypto and social media accounts.

Manifold Trading, a company creating tools for the crypto space, gauged that nearly $20 million of Friend.tech’s total value of $50 million might be vulnerable. They urged Friend.tech to reinforce its security by integrating two-factor authentication (2FA).

The recent high-profile SIM-swap breach of Vitalik Buterin's account in September has also spurred calls for platform X to adopt 2FA. For added security, “0xfoobar,” the head of wallet security company Delegate, recommended that users delete phone numbers from their social media profiles.

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Posted: 2023-10-06
By: dwirch
Viewed: 199 times

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