Friend.Tech users' funds lost due to SIM-swap attacks

Friend.Tech users' funds lost due to SIM-swap attacks

A wave of reported stolen accounts and the loss of funds by SIM-swap attacks and hacks are leading to the security of Friend.Tech users' funds.

In an Oct. 3 post on X, a victim, Daren, revealed how he was SIM swapped and robbed of 22 ETH.

Daren mentioned that due to a series of spam calls, he enabled the silent mode on his phone. He was therefore unable to overlook a critical notification from Verizon regarding suspicious activity on his account. He adds: 'It is clear that we should be promoting transparency and that we should have a balance of power,' he said.

Dipper, another victim, explained that their FT account was stolen despite their use of a strong password. The attacker, however, could not stop the attacker, who siphoned all the keys and funds in the wallet to another. Dipper claimed that it lost 6.5 ETH to the incident.

Following the attacks, slowMist founder Cos said, Friend.Tech's centralization risks information leakage because the platform requires users to register with a mobile phone number, a Gmail email address, or an Apple account. He added: 'It's a big deal, '' but he added: ''I'm just saying what we're going to say.

Friend.Tech has experienced a viral expansion that has led to the total value of assets locked on the platform balloon to over 30,000 ETH, according to Dune Analytics data.

The security worries are a significant threat to the funds of Friend.Tech users. Manifold's assessment indicates that a minimum of $20 million in the platform's assets may be vulnerable to sim-swap attacks.