On October 16, 2023, cybersecurity entity AegisWeb3 issued warnings about Frentechpro, a platform that had claimed to offer specialized trading tools for FriendTech shares. AegisWeb3 alleged that Frentechpro was involved in phishing scams designed to deceive users into transferring funds from their digital wallets.
⚠️ Phishing Scam Alert! ⚠️
— AegisWeb3 (@AegisWeb3) October 16, 2023
AegisWeb3 has received reports about @frentechpro being a #SCAM.
It tricks users into signing transactions to transfer funds from user's wallets when they click the "ACTIVATE NOW" button on the official website. pic.twitter.com/UjUXwInSqu
AegisWeb3 emphasized the risks associated with interacting with Frentechpro’s website, particularly the ‘ACTIVATE NOW’ button. According to the cybersecurity entity, clicking this button could trick users into signing transactions that would transfer funds from their wallets. In a subsequent alert, AegisWeb3 identified Frentechprokey.com as a phishing site and provided addresses listed on Etherscan and BSCscan that were allegedly associated with the scam. The entity urged the public to exercise caution and avoid interacting with suspicious links.
Prior to these warnings, Frentechpro had promoted itself as a comprehensive platform for FriendTech share trading. It offered a range of features, including real-time buy/sell signals, bulk trade analyzers, and an exclusive chat channel for its community. The platform also advertised an exclusive “1 of 1 license,” claiming to provide users with unparalleled access to all its features.
Last week, the cryptocurrency ecosystem faced another setback with fraudulent activity involving Lucky Star Currency ($LSC) on the Binance Smart Chain. Security firms AegisWeb3 and PeckShield reported a sharp decline in the token’s value, plummeting by 97% to 98%. This drastic drop led to an estimated financial loss of $1.11 million. Investigations traced the siphoned funds to a specific wallet address that offloaded the tokens, securing a profit of approximately $1.11 million in BUSD.
The individual behind this exit received 3 million $LSC tokens from two distinct contracts. This incident is part of a broader pattern of fraudulent activities that continue to plague the crypto space, raising concerns among investors and regulatory bodies alike.
As of the time of this report, there has been no further public disclosure or verification of the allegations against Frentechpro. Additionally, there are no details available regarding how much funds were lost or how many users have been affected by the alleged scam.
