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  • 10/5/23: Friend Tech Learns About SIM Swaps 📱🏦🏛️

10/5/23: Friend Tech Learns About SIM Swaps 📱🏦🏛️

Author

Valko
October 05, 2023

Top News ⌐◪-◪

  • 📱 Friend Tech adds ability to add/remove login types after SIM swaps

  • 🏦 JP Morgan partners with FCF, enabling crypto mortgage payments

  • 🏛️ SBF trial day 2 is over - painting him as mastermind fraudster

Friend.tech SIM-swap scourge continues as scammer nets $385K in Ether

A scammer has stolen at least $385,000 in ETH by SIM-swapping Friend.tech users and draining their accounts.

⌐◪-◪ → SIM Swaps are all the rage these days, a low hanging fruit for hackers. SMS-based 2FA presents other vulnerabilities too like the social engineering exploit @diggin4doge fell victim to. While Friend Tech did a great job abstracting keys away from users, they screwed up by gating full access behind SMS codes, this is a big no no. So if you’re reading this, stop what you’re doing and secure your Twitter so you don’t get rekt like Vitalik.

Chase Bank Partners With FCF Pay to Accept Cryptocurrency for Financial Services By Investing.com

Chase Bank Partners With FCF Pay to Accept Cryptocurrency for Financial Services

⌐◪-◪ → A lot of people roast crypto because it can’t be spent without converting to fiat, but that’s simply not true. Thanks to this new partnership, customers can use crypto to pay for mortgages, loans, and credit cards. More opportunities to spend crypto means less reliance on fiat off-ramps. We are slowly building the ‘alternative financial system’ that the International Monetary Fund is so afraid. You can literally pay your mortgage with $DOGE now, lol.

SBF Trial Day 2 Complete – Prosecution's opening statement paints SBF as a fraud mastermind, Defense claims complete innocence

With jury selection complete, the second day of SBF's trial encompassed both sides' opening statements and testimony from two witnesses.

⌐◪-◪ → Jury selection is now complete as we head into day 3 (today). Jury members include a retired Solomon Brothers investment banker, a pediatric nurse, and a special-ed teacher. It sounds like the opening line of a bad joke. While no phones are allowed in the courtroom, various outlets are doing daily coverage - ex. Blockworks’ day 2 rundown. So far, things are not looking good for SBF.

Peripheral Vision ⌐◪-◪

⛓️ Crypto & DeFi

🏦 Wallstreet & VC

  • Crypto fundraising hits 3-year low according to Messari

  • A16z leads $24M Series A in web3 loyalty app Blackbird

  • Convergence RFQ, Solana-based project, raises at $30M valuation

  • ETH ETFs see $16M in volume this week, 90% VanEck and ProShares

🏛️ Legal & Regulatory

  • Celsius bankruptcy trial begins as they try to repay customers

  • Gary Wang on list of witnesses for SBF trial this week

🌎 Rest of the World

🖼️ NFTs & Metaverse

  • Zora announces novel mechanic for gas-free minting

  • Head of Instagram is still bullish on NFTs despite removing them

  • Warner Music’s Head of NFTs departs, but they remain NFT-friendly

  • Meta to lay off employees in metaverse-focused Reality Labs division

  • Red Bull Racing partners with Snowfro on Velocity Series in Austin

  • Saatchi Gallery in London displaying crypto art for the first time ever

Specs Fren Of The Day ⌐◪-◪

Thanks for the shoutout Wyckett!

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