Hacker Steals 234 ETH in Under 24 Hours

The lone scammer has managed to abscond with approximately $385,000 worth of Ether (ETH) in under 24 hours.

This incident forms part of a string of SIM-swapping hacks targeting users of the popular platform Friend.Tech.

Scammer Steals 234 ETH in Less Than 24 Hours

Blockchain investigator ZachXBT took to X on Oct. 5 to report that an individual had successfully stolen 234 ETH in the past day alone. This was achieved by manipulating the SIM cards of four unsuspecting Friend.Tech users. Even more alarming is that the transfer of these illicit cryptocurrency assets can be traced back to the same 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

One of the victims shared their ordeal, stating, “We changed the SIM card. Apparently, the dude was able to get it done at the Apple store and switched it to an iPhone SE. Don’t buy my keys, this wallet has been hacked.”

Another user, @KingMgugga, reported in real-time that they were witnessing the attack unfolding, frantically asking for help. Meanwhile, @holycryptoroni confirmed they had also fallen victim to a similar attack, lamenting, “I’ve been changed, sorry.”

This isn’t the first time Friend.Tech users have faced such attacks. Earlier in the week, four more users reported that their accounts had been drained due to either SIM swaps or phishing attacks, resulting in approximately 109 ETH being stolen.

Friend.Tech Responds with New Security Feature

Friend.Tech, a platform that enables users to buy individual keys for private chat rooms, has found itself dealing with a severe security issue. SIM swap scams happen when attackers gain control of a person’s phone number and use it to access their social media and cryptocurrency accounts.

Manifold Trading suggests that up to $20 million of Friend.Tech’s total locked-up value of $50 million may be at risk. As a result, they have urged the platform to strengthen its account security measures, specifically by adding two-factor authentication (2FA) for better protection.

You can now add and remove log in methods for your https://t.co/YOHabcBL3H account. To access these settings, tap your wallet balance in the top right corner of the app pic.twitter.com/d37VWVk2Eb

— friend.tech (@friendtech) October 4, 2023

The recent breach has reignited demands for Friend.Tech to implement 2FA security measures to safeguard against the disclosure of mobile phone numbers. In response to the latest string of security breaches, Friend.Tech has recently rolled out a new feature that enables users to eliminate specific login options, specifically phone numbers.

Founder and CEO of wallet security company Delegate has also recommended removing phone numbers from social media accounts as a proactive measure against potential attacks.