Ethereum

Cryptocurrency

<p>Cryptocurrency users on the Friend.tech platform have been put on high alert after a recent surge in SIM-swap attacks. These incidents have led to the loss of nearly 109 Ether, equivalent to approximately $178,000, from four users in less than a week.</p>
<p>Cryptocurrency enthusiasts are growing increasingly concerned as reports of SIM-swap attacks on Friend.tech users continue to surface. The modus operandi of these attacks involves malicious actors gaining control of a user’s mobile number, allowing them to intercept two-factor authentication codes, ultimately compromising the victim’s accounts. In a short span, four users have fallen victim to these attacks, resulting in substantial financial losses.</p>
<p>On September 30th, a Twitter user known as “froggie.eth” raised an alarm about his <a href="https://www.cryptopolitan.com/crypto-investor-parts-ways-with-friendtech/" rel="noopener noreferrer nofollow">Friend.tech </a>account being compromised through a SIM-swap attack. This unfortunate incident resulted in the theft of over 20 Ether from his account, equivalent to around $32,600 at the time.</p>
<p>Just a few days later, on October 3rd, musician Daren Broxmeyer reported a similar attack on his Friend.tech account. He stated that he had been SIM-swapped and lost 22 Ether, amounting to approximately $36,000. Broxmeyer also revealed that his phone had been bombarded with numerous phone calls, which he suspects was an attempt to prevent him from receiving a warning message from his service provider regarding the unauthorized access to his account.</p>
<p>On the same day, another Friend.tech user going by the username “dipper” came forward with a similar story. They claimed that their account had been compromised and expressed confusion about how the attackers had managed to breach their account, as they had been using strong passwords.</p>
<h2 class="wp-block-heading" id="friend-tech-phishing-scam">Friend.tech phishing scam&nbsp;</h2>
<p>The fourth victim, “digging4doge,” fell prey to a phishing scam that tricked them into sharing a login code. As a result, they lost approximately 60 Ether, equivalent to $98,400 at the time. This <a href="https://twitter.com/0xQuit/status/1709391410783195384" rel="noopener noreferrer nofollow" target="_blank">incident</a> underscores the diverse tactics employed by cybercriminals to exploit cryptocurrency users.</p>
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   <p lang="en" dir="ltr">Friendtech user <a href="https://twitter.com/digging4doge?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">@digging4doge</a> just got drained to the tune of ~60 eth worth of keys.<br><br>About an hour ago, he received a text informing him that a number change had been requested for his account.<br><br>He had two hours to respond or the request would be auto approved. This was, of… <a href="https://t.co/L21Hr041kP" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/L21Hr041kP</a></p>— quit (👀,🦄) (@0xQuit) <a href="https://twitter.com/0xQuit/status/1709391410783195384?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">October 4, 2023</a>
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<h2 class="wp-block-heading" id="manifold-trading-s-assessment-and-warning">Manifold trading’s assessment and warning</h2>
<p>Crypto investment firm Manifold Trading weighed in on the situation, warning that any hacker gaining access to a Friend.tech account could potentially “rug” the entire account. They estimated that around $20 million could be at risk if a third of Friend.tech accounts are linked to phone numbers. Manifold emphasized that the security issues plaguing the platform should be a top priority for the company.</p>
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   <p lang="en" dir="ltr">If any hacker gains access to a FriendTech account via simswap/email hack, they can rug the whole account<br><br>If you assume 1/3 of FriendTech accounts are connected to phone numbers, that's $20M at risk from sim-swaps<br><br>FriendTech's current setup also technically allows a rogue dev… <a href="https://t.co/XgodMNSh2l" rel="noopener noreferrer nofollow" target="_blank">https://t.co/XgodMNSh2l</a></p>— Manifold (@ManifoldTrading) <a href="https://twitter.com/ManifoldTrading/status/1708975441539744050?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">October 2, 2023</a>
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<h2 class="wp-block-heading" id="call-for-enhanced-security-measures">Call for enhanced security measures</h2>
<p>In light of these alarming developments, Manifold Trading<a href="https://twitter.com/ManifoldTrading/status/1708975441539744050" rel="noopener noreferrer nofollow" target="_blank"> proposed </a>several security enhancements that could help safeguard Friend.tech users. These include the implementation of two-factor authentication (2FA) for logins, enhanced key encryption protocols, and more secure transaction processes. They also suggested giving users the option to switch from phone number-based logins to email-based logins and allowing the use of third-party wallets.</p>
<p>This recent wave of SIM-swap attacks on Friend.tech users follows a broader trend of cryptocurrency-related hacks and breaches. High-profile figures, such as Ethereum co-founder Vitalik Buterin, have previously fallen victim to SIM-swap attacks, with their compromised accounts subsequently used for phishing attacks.</p>

Crypto Users on Friend.tech Alerted to SIM-Swap Attacks Resulting in Substantial Losses

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