One Fraudster Robs 4 Friendtech Users in SIM-Swap Attack, Moving $385k

• ZachXBT reveals $385,000 theft as a scammer defrauds four FriendTech users.
• The scam happened in the past 24 hours through SIM-swapping attacks.
• The stolen funds have been moved to exchange addresses.

In a recent post, ZachXBT, a renowned rug pull survivor who has since transitioned into a 2D detective, unveiled a startling scam revelation impacting users of the Social-Fi app Friendtech. ZachXBT disclosed that a single scammer defrauded four Friendtech users, amassing substantial profits of 234 Ethereum (ETH), equivalent to $385,000.

The crypto detective noted that the hack incident occurred within the last 24 hours. He added that the nefarious individual achieved the feat by executing a series of SIM-swapping attacks targeting the users of the growing FriendTech platform.

For context, SIM-swapping is a fraud in which the scammer tricks the victim’s mobile carrier into transferring the victim’s phone number to a new SIM card that the scammer controls. Once the scammer controls the victim’s phone number, they can potentially reset the passwords to the victim’s online accounts, including their crypto exchanges.

Notably, ZachXBT’s tweet included a visual representation of the scammer’s actions since attacking the four Friendtech users. The image illustrates the precise amounts of Ethereum each victim suffered in the malicious act. Given that the fraudster stole at least $55k from each of the victims, their current ETH holding on the Friendtech platform is now below $100.

Expectedly, the scammer has moved the funds to two exchange addresses to potentially cash the stolen funds into fiat currencies. ZachXBT’s tweet is a reminder of the risks of SIM-swapping and the need for crypto market participants to take proactive steps in guarding their portfolios via two-factor authentication and other recommended security practices.