Some Friend.Tech Users reported falling victim to SIM swap attacks over the weekend, with the attackers successfully stealing thousands of dollars worth of tokens.
The Friend.Tech code itself was not exploited. There are no users in immediate danger. The application allows holders to buy “shares” from people who have an account on X, granting buyers certain privileges.
SIM swap attacks are common and occur when criminals take control of a mobile phone by tricking service providers into linking that phone number to a SIM card in the hacker’s possession. Swapped phones can then be used for fraudulent activities.
At least two users claimed they were targeted by a SIM swap attack, which allowed operators to drain more than 42 ether (ETH), worth nearly $70,000 at current prices, through separate attacks.
“If your Twitter account is linked to your real name, your phone number can be found, and this could happen to you,” wrote @darengb, an affected user. Their phone company is Verizon.
Social application Friend.Tech has become one of the most popular crypto platforms this year, despite the bear market, generating stable income and profits for its creators. The application gathered more than 100,000 users within two weeks of going live, as previously reported.
However, security risks remain a major concern for any crypto platform. Hackers can use techniques ranging from smart contract manipulation or payday loan attacks to using a traditional method to exploit wealthy users.
Meanwhile some Friend.Tech users have suggested additional security features, such as 2FA, a widely used SMS or code-based authentication service, that could prevent a recurrence of such attacks in the future.