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Nexo's $3 Billion Arbitration Claim Against Bulgaria: Unveiling the Legal Battle

Nexo, a prominent crypto lending firm, has recently filed a $3 billion arbitration claim against the Republic of Bulgaria following a year-long criminal investigation into the company and its founders. In a press release on Wednesday, Nexo strongly argued that Bulgaria's investigation was unjustified and politically motivated, resulting in significant reputational damage and lost business opportunities estimated to be in the billions. The company, now cleared by the Bulgarian Prosecutor's Office, is seeking reparations for the financial harm suffered as a result of the investigation. Key Points: Nexo is one of 22 investors in Decrypt. The company had to abandon plans for a funding round with leading U.S. banks and an IPO on a major U.S. stock exchange due to the lawsuit. Nexo was finalizing a strategic alliance with a major European football club, which included the launch of a club-branded crypto payment card. Antoni Trenchev, co-founder of Nexo, emphasized that the arbi

Decentralized Social Network Friend Tech Faces Wave of SIM Swap Attacks: A Closer Look at the Risks and Solutions

In the world of decentralized social networks, Friend tech has unfortunately become the target of a recent wave of SIM swap attacks. These attacks have resulted in a loss of $385,000 in Ethereum for four users. The crypto sleuth, ZachXBT, was able to track down the movement of funds on the blockchain to the same hacker responsible for draining the accounts of these victims in less than 24 hours.

SIM swapping is a tactic used by hackers to trick mobile carriers into transferring a user's phone number to their own SIM card. With access to the victim's phone number, the hackers are then able to gain access to online accounts linked to that number. It's a troubling trend that has affected numerous individuals, including users of Friend tech.

One user, Sumfattytuna, posted about their experience of being sim swapped, stating that the hacker was able to do it from an Apple store and switch it to an iPhone SE. They cautioned others not to buy their keys as their wallet had been compromised. Another user, KingMgugga, reported in real-time about being hacked and expressed frustration at the situation. They asked if anyone had any advice on what they could do to mitigate the damage.

This is not the first time that Friend tech users have fallen victim to SIM swap attacks. Earlier this week, four other users claimed to have had their accounts drained, resulting in a total loss of around 109 ETH. Despite being reached out to by Decrypt for comment, Friend tech did not immediately respond. In response to these attacks, Friend tech has announced the implementation of a new feature that allows users to log into their accounts without the need to use their phone numbers. This is a positive step towards enhancing security and preventing future attacks.

The attacks on Friend tech have caught the attention of crypto investment firm Manifold Trading, who issued a warning on Tuesday. They explained that if an attacker gains access to a Friend tech account, they could potentially "rug" the entire account. This highlights the serious risk posed by SIM swap attacks, especially in the crypto space. Manifold Trading estimated that if 1/3 of Friend tech accounts are connected to phone numbers, there is a staggering $20 million at risk from these types of attacks.

SIM swap attacks have been on the rise, particularly in the crypto industry. Last August, data from FTX, BlockFi, and Genesis were exposed in attacks targeting Kroll, the vendor responsible for overseeing creditor claims for insolvent businesses. Kroll revealed that one of their employees' phones was targeted in a complex SIM swap attack. Even Vitalik Buterin, Ethereum's co-founder, fell victim to a SIM swap attack in September. Hackers manipulated Twitter to reset his password, granting them access to his account and its 4.9 million followers.

It's important to be aware of the symptoms of a SIM swap attack, which usually appear within 24-48 hours. Victims may notice that they are not receiving calls or texts, or they may be unable to access their online accounts. To protect oneself against these attacks, it is recommended to use authentication apps like Google Authenticator instead of SMS-based two-factor authentication.

In conclusion, the recent wave of SIM swap attacks targeting Friend tech users highlights the need for enhanced security measures in the crypto space. These attacks have resulted in significant financial losses and have the potential to jeopardize the integrity of entire accounts. It is essential for individuals and platforms alike to take proactive steps to protect against these types of threats and to educate users on best practices for securing their accounts.


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