One of the biggest pieces of crypto news today involves multiple users on Friend.tech falling victim to SIM swap attacks, resulting in the theft of over $385,000 worth of Ethereum.
According to an X post on October 5 by blockchain analyst ZachXBT, the hackers stole 234 ETH worth around $385,000 from four Friend.tech users in a 24-hour period on October 4.
Following the news of these Ethereum SIM swap attacks, what is the best crypto to buy now?
The victims expressed disbelief and desperation as their ETH holdings were quickly stolen through the SIM swap hacks.
One user named “KingMgugga” pleaded for help on the social network to no avail. Another user, “sumfattytuna”, explained that the hacker accessed his Friend.tech account from an Apple store, performed a SIM swap to an iPhone SE, and compromised his wallet security.
This is not the first incident of its kind on Friend.tech. On September 30, a user named “froggie.eth” reported that his account was hacked via SIM swap, resulting in the theft of over 20 ETH worth an estimated $32,600.
According to ZachXBT’s previous report on August 23, $13.3 million in funds have been stolen through 54 SIM swaps across various crypto platforms, including Aptos Network, Metis DAO, PleasrDAO, and others.
In light of the repeated attacks, Manifold Trading assessed that around $20 million of Friend.tech’s $50 million in total locked value could be at risk due to vulnerabilities in the platform’s infrastructure.
Manifold Trading suggested security improvements like two-factor authentication, hardware wallet integration, and removing phone numbers from connected accounts.
In an effort to counteract these types of attacks, Friend.tech is rolling out a new feature, which will allow users to log into their accounts without using their phone numbers.
Experts emphasize that enhanced security measures like two-factor authentication should be implemented across crypto platforms, especially after the September SIM swap hack of Vitalik Buterin’s Twitter account.
For now, users are advised to remove their phone numbers from all linked accounts to reduce SIM swap risks.
Despite security fears stemming from the Ethereum SIM swap attacks, Aave, Bitcoin Minetrix, Trust Wallet, Meme Kombat, and Mina Protocol continue to tout their status as the best crypto to buy now thanks to their solid fundamentals and/or positive technical indicators.
AAVE Faces Resistance After Hitting Multi-Month High
After setting a new multi-month high of $72.80 earlier today, the cryptocurrency faced rejection at key resistance levels and has since pulled back to trade at $67.58.
This still represents a 1.36% gain so far today, but it appears that the sellers may be prevailing so far following the failed breakout attempt.
The technical indicators paint a mixed picture when analyzing the AAVE price. The 20-day EMA currently stands at $64.16 while the 50-day EMA is at $63.
This shows the short-term EMAs now trending above the medium-term average, typically viewed as a bullish signal.
However, the RSI has pulled back from yesterday’s 57.54 reading to 59.01 today. While not yet in overbought territory, the indicator’s retreat highlights fading upside momentum after the failed push above $70.
The MACD histogram sits at 0.33, down from 0.40 yesterday. The negative crossover here warns of potential weakness developing in the AAVE price.
In terms of volume and market cap, AAVE saw its market capitalization rise 3.97% to $987.5 million today as trading activity surged 115.69% to $124.4 million.
But with the long upper wick on the daily candle, this points to significant selling pressure around resistance despite the uptick in volume.
With the AAVE price consolidating under resistance, traders may want to wait for a decisive breakout before making a directional bet. Immediate support lies at the Fib 0.382 level of $64.56 followed by the 20-day EMA at $64.16.
On the upside, resistance remains at the zone between $67.99 and $70.12 along with the Fib 0.5 level of $69.04.
A daily close above this area would signal the resumption of the uptrend. But for now, caution may be warranted following the failed breakout as technicals flash warning signs.
Bitcoin Minetrix: Making BTC Mining Accessible to Everyone; Best Crypto to Buy Now
For years, Bitcoin mining remained under the grip of mega-corporations with deep pockets. But Bitcoin Minetrix is prying open access through its stake-to-mine model.
The model allows users to stake tokens in return for mining credits, granting efficient and sustainable cloud mining minus the typical barriers like equipment costs and…
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