Users of Friend.tech have been caught off guard by a wave of SIM swap attacks that resulted in the theft of over $385,000 equivalent of Ethereum. These hard-hitting attacks have left victims swamped in disbelief and despair as their Ethereum holdings disappeared in seconds.
In the spotlight of these SIM swap assaults, questions are now flying around regarding which cryptocurrencies are safer to invest in at the moment. The users of Friend.tech, including one notably known as “KingMgugga”, reached out on social media for help during these attacks. Unfortunately, no effective aid came in time to avert the disaster.
These SIM swap attacks are turning into a chronic issue. Just a few weeks before this case, another Friend.tech user, known as “froggie.eth”, reported hacking into his account using the same method. This resulted in a staggering estimated loss of $32,600.
Manifold Trading raised eyebrows by hinting that around $20 million of Friend.tech’s $50 million locked value could be vulnerable thanks to weaknesses in the platform’s infrastructure. This is not a statistic to be taken lightly.
Several security amendments have been proposed, including hardware wallet integration, two-factor authentication, and the removal of phone numbers from linked accounts. Taking these security threats seriously, Friend.tech is set to launch a new feature allowing users to access their accounts without using their phone numbers.
Though these safety concerns stemming from the Ethereum SIM swap attacks are real, cryptocurrency platforms like Aave, Bitcoin Minetrix, Trust Wallet, Meme Kombat, and Mina Protocol still confidently publicize their reliable fundamentals and positive technical indicators. These platforms hence maintain their position as some of the best options to invest in currently.
However, it is pertinent to remind that with its appeal comes a level of risk inherent to cryptocurrency trading. Therefore, all investors are advised to practise careful due diligence when investing in any cryptocurrencies, especially in light of recent events.
To wrap it up: the crypto world is still an exciting frontier filled with vast opportunities. Although the Ethereum SIM swap attacks have jolted a level of apprehension amongst investors, the crypto sphere continues to thrive. So, while security and safety cannot be completely guaranteed, there are steps that can be taken to hugely minimize these risks and prevent any future surprise attacks.
Source: Cryptonews
