Crypto Chronicle with NewsCrypto
Welcome to another edition of the NewsCrypto Newsletter, where we shine a light on the stories that matter.
This edition promises a riveting journey as we unpack the courtroom drama surrounding Sam Bankman-Fried and the digital SIM-swap attacks on Friend.tech.
Prepare for a blend of intrigue and insight!
Here's what we got on the menu today:
1. Trial Against SBF Finally Started!
2. The Friend.tech SIM-Swap Attacks
3. Funny Meme
Trial Against SBF Finally Started!
The whole crypto space was abuzz as the trial of Sam Bankman-Fried kicked off. Facing seven counts of federal offenses, the stakes are as high as Bitcoin's all-time high (remember those good ol’ days?). Both the prosecution and defense presented their opening statements, and let's just say, they didn't hold back.
The prosecution painted a picture of a man who "lied to the world" and used FTX customer deposits to fund a lifestyle filled with private planes and beachfront properties. They even claimed he tried to delete social media posts to avoid leaving a "paper trail for his crimes." People who lost funds would definitely describe him in the same way.
On the other hand, the defense portrayed Bankman-Fried as a misunderstood genius, "a math nerd who didn’t drink or party." - guess that alleged orgies and drug fests don’t count as party… They argued that FTX was a startup, still a "work in progress," and likened its early days to "building a plane while you’re flying it." A risky endeavor, but hey, isn't that what startups are all about?
The Jury's Out: 12 Individuals to Watch
Now, let's talk about the 12 individuals who might just be more popular than the BtcRetard Lead trader on MercuryTrade. These jurors, ranging from a pregnant physician’s assistant to a retired investment banker, will decide the fate of Bankman-Fried. Their backgrounds are as diverse as the crypto market itself, with professions spanning health, finance, IT, and education.
Some notable members include:
· A man in his late 60s, a former investment banker from Salomon Brothers.
· A woman in her 40s, a train conductor and a mother of five.
· A woman in her mid-30s, a nurse from Westchester, New York.
The jury's selection process was as meticulous as picking the right altcoin in a bull market. From a list of 45, only 12 were chosen, each sharing their background, employment, and even relationship history. Talk about transparency!
What's Next? 🍿
With testimonies from individuals who lost significant amounts to FTX and even Bankman-Fried’s former close friend, the trial promises more twists and turns than a roller coaster. Expected to span over six weeks, this trial might just be the crypto event of the year.
So, dear readers, as we await the next episode in this courtroom drama, remember to always DYOR (Do Your Own Research) and never take things at face value, especially in the ever-evolving world of crypto.
STOP AND READ - Friendly reminder!
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The Friend.tech SIM-Swap Attacks
In the ever-evolving landscape of decentralized platforms, Friend.tech has recently found itself in a rather precarious situation. Over a span of just one week, four users of this decentralized social media platform have reported alarming SIM-swap attacks, leading to a significant loss of nearly 109 Ether (ETH), equivalent to around $178,000.
Friend.tech Users Raise the Alarm
The sequence of events began on September 30th when a user, known by the pseudonym “froggie.eth”, took to X (formerly Twitter) to share their unfortunate experience. Their Friend.tech account was compromised via a SIM-swap attack, a method where malicious actors gain control of a user's mobile number to intercept two-factor authentication codes. This breach led to a loss of over 20 ETH from their account.
Following this incident, October 3rd saw a surge in similar reports. Musician Daren Broxmeyer, for instance, shared his ordeal of being SIM-swapped, which resulted in a loss of 22 ETH. He noted an influx of phone calls prior to the attack, presumably an attempt to distract him from a crucial text message from his service provider about a potential breach.
Another user, “dipper”, expressed confusion over the compromise of their account, emphasizing their use of strong passwords. Meanwhile, “digging4doge” admitted to being ensnared by a phishing scam, which cost them around 60 ETH.
The Bigger Picture
Crypto investment firm Manifold Trading weighed in on the situation, highlighting the potential risks associated with Friend.tech's current security setup. They estimated that if a third of Friend.tech accounts are linked to phone numbers, a staggering $20 million could be at risk from SIM-swap attacks. The firm further pointed out that the platform's entire ecosystem might be vulnerable due to its security configuration.
Manifold Trading recommended several measures to bolster security, including the addition of 2FA (two-factor authentication) for logins, key decryptions, and transactions. They also suggested allowing users to switch their login method from phone numbers to email and integrating third-party wallet options.
It's worth noting that high-profile figures in the crypto space, such as Vitalik Buterin, have previously fallen victim to SIM-swap attacks. Friend.tech has yet to comment on these incidents.
While the world of decentralized platforms offers immense potential and freedom, it also comes with its set of challenges. As users, it's crucial to stay vigilant, employ robust security measures, and always be wary of potential threats. And as for Friend.tech, it seems there's a pressing need for a security overhaul.
Until next time, keep your popcorn ready and your wallets secure!