FrenTechPro Phishing Scam Targets Multiple Blockchains, Results in $214,000 Loss

A phishing operation operating under the alias FrenTechPro, masquerading as the Friend.Tech tool, has reportedly siphoned off approximately $214,000 in cryptocurrency from seven distinct blockchains.

Although on FrenTechPro‘s account, it did state it has no affiliation to Friend.Tech.

This theft was executed by exploiting a vulnerability within cross-chain bridges, which serve as crucial connectors between diverse blockchains, facilitating the seamless transfer of tokens.

PeckShieldAlert unveiled that the hackers known as FrenTechPro, targeted a multitude of blockchain platforms, including Ethereum, BNB Chain, Base, Polygon, Arbitrum, OP Mainnet, and Avalanche.

#PeckShieldAlert #Phishing Be cautious @frentechpro is a forged #friendtech X (formerly Twitter) account. The scammer has stolen ~$214K worth of cryptos on 7 Chains (#Ethereum, #BNBChain, #Base, #Polygon, #Arbitrum, #Optimism, #Avalanche)

Fake_Phishing187019 related to the…
— PeckShieldAlert (@PeckShieldAlert) October 16, 2023

PeckShieldAlert took swift action by issuing a cautionary message on X (formerly known as Twitter), alerting users to FrenTechPro’s nefarious phishing activities and advising against placing trust in the ‘friendtech X’ account employed by the hackers to deceive their victims.

This counterfeit account purported to provide a cross-chain bridge service that simply required a single click to activate.

The warning came in the wake of a prior alert from Yu Xian, the founder of SlowMist, who explicitly identified FrenTechPro as a phishing scheme.

He pointed out that their modus operandi involved urging users to click on an “ACTIVATE NOW” button, which, once triggered, persistently attempted to access assets linked to the user’s wallet.

The exploitation of unsuspecting users’ trust remains a recurring issue within the crypto space, with phishing scams like FrenTechPro representing a growing concern.

These scammers impersonate legitimate platforms or services, manipulating users into inadvertently granting them access or making direct fund transfers.

AegisWeb3, a cybersecurity firm, has also sounded the alarm on FrenTechPro, highlighting how the scam cunningly tricks users into authorising wallet transfers through transaction signatures.

This underscores the hackers’ ability to manipulate cross-chain bridges and simultaneously target a multitude of blockchains.

In light of these heightened phishing threats, users are strongly urged to exercise vigilance and caution when engaging in cross-chain services or conducting token transfers between different networks.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.