FrenTechPro, a phishing scam operator is impersonating as a Friend.Tech tool to exploit several blockchains at once. It has been reported that the scammer has managed to steal around $214,000 in cryptocurrencies so far.
Quick Take:
- FrenTechPro Plunders $214,000 across seven blockchains through a phishing attack.
- Crypto security firms warn users about phishing links posted on social media platforms.
- Phishing scams continue to be a major issue for crypto and DeFi.
- Recent hacks and exploits have dented the reputation of the secure crypto space.
FrenTechPro has drained hundreds of thousands of dollars across multiple blockchains by exploiting a vulnerability in cross-chain bridges. These bridges operate as connectors between blockchains, allowing users to transfer tokens with ease.
The details suggest that Ethereum, BNB Chain, Base, Arbitrum, Polygon, Avalanche, and OP Mainnet were targeted by the scammers. Nonetheless, the experienced hackers were smart enough to surf through multiple renowned networks without anyone noticing immediately.
The security monitoring device, PeckShield warned users about FrenTechPro’s phishing activities. The platform further pointed out the firendtech X account that is being used by hackers to dodge users. Through this account, the hackers are asking users to click on a link and activate a cross-chain bridge.
Moreover, the founder of SlowMist, Yu Xian also raised fingers on FrenTechPro for being a phishing scheme. He warned users that these scammers are urging users to click on an Activate Now button. However, as users click the button, scammers get complete access to the wallet of the users and the assets linked with it.
Crypto Phishing Scams Continue to Become a Bigger Threat
In the recent past, crypto phishing scams have grown in number and magnitude. Many analysts notice a pattern in such scams, as they are mainly triggered by the negligence of users. Moreover, users do not verify the authenticity of a link posted on social media and tap on it without suspecting anything.
They are lured to tap on these links through fake giveaways or airdrops. Thus, such tricks work for scammers in manipulating users as they gain access to their funds and directly transfer them. The recent phishing scam by FrenTechPro is a similar example of this practice.
Another recent example of a phishing scam was the loss of $24 million from a user’s Ethereum wallet. It is one of the largest phishing scams in the crypto space. Plus, the Fortress Trust was also exploited for $15 million amid a cloud provider breach. With time, these phishing attacks are gaining more and more intensity.
Experts and analysts have repeatedly cautioned users of the tricks and tactics used by modern day scammers. Therefore, it is up to the users to be vigilant enough to escape these traps. If such issues persist, they will continue to be a hindrance to the growth of the crypto industry.
