Crypto Scammers Cashing In Big Time as Fake Friend Token Pumps Over 600%

The crypto community has witnessed a surge in the popularity of certain tokens, particularly those associated with trending themes or memes. One such token that has garnered attention is related to the FRIENDTECH trend. Early adopters of such trends often experience significant gains, and this token seemed to be no exception. However, as with many things in the fast-paced world of cryptocurrency, not everything is as it seems.

A portion of the community has raised concerns about a coin that is being mistaken for the genuine friend.tech coin. This imposter coin has experienced a surge in its value, leading some to believe that its rise is primarily due to this confusion. The fake token has surged by 610% in the last 24 hours.

This isn’t the first time the friend.tech brand has been targeted. On August 19, an incident was reported where a counterfeit Friend Tech token ($FT) on the Ethereum blockchain was exploited, resulting in a loss of approximately 235.16 ETH, equivalent to around $391K at the time. The malicious actor involved in this scheme swiftly transferred the stolen assets to various addresses, making recovery efforts challenging.

Adding to the complexity of the situation, cybersecurity firm CertiK has issued warnings to crypto enthusiasts about deceptive airdrop websites masquerading as friend.tech. These sites lure unsuspecting users with promises of free FRIEND tokens, only to be phishing schemes with the intent to compromise and empty the victims’ cryptocurrency wallets.

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It’s worth noting that the legitimate friend.tech project does offer genuine airdrops. As per data shared by the platform’s team with X (previously known as Twitter), they successfully concluded their inaugural Friday Point Airdrop, which benefitted 44,000 app users.

As the allure of friend.tech and similar platforms continues to grow, so does the ingenuity of scammers seeking to capitalize on their popularity. The crypto community is urged to exercise caution, conduct thorough research, and be wary of offers that seem too good to be true.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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