Tuesday, August 20, 2019

AT&T Sued For More Than $200 Million Due To Involvement In Cryptocurrency Theft

Cryptocurrencies are making headlines every day, as more and more people use them as a vehicle for acquiring goods and also for paying services. But, as people adopt cryptocurrencies as a pivotal thing in their lives, security of these crypto assets becomes of utmost importance. That is why a thing called 2-factor authentication is so important today because it lets the user know when their accounts are being used via an SMS. AT&T, one of the biggest telecom carries in the United States is being sued by a known cryptocurrency investor, because of a cryptocurrency theft related to the hacking scheme is known as “SIM Hacking”.

The case that was just presented today to the court of Los Angeles states that Michael Terpin, a known cryptocurrency investor, is asking for more than 200 million dollars accusing AT&T of facilitating his “digital identity theft” because they were his telecom provider at the moment, according to an article published by Reuters today. This kind of scheme is becoming a trend now that various cryptocurrency wallets and exchanges are using SMS messages as a measure of securing their accounts. What hackers do is that in one way or another, they convince employees or have insiders in the carrier that transfer the line of the person being attacker to another sim card, that is used to empty the wallets of the person being attacked.

Terpin, the affected investor states that the cryptocurrency theft occurred as a consequence of this kind of schemes and that likely this was the job of an insider in AT&T. AT&T says that it is not the first time that this occurs and that they have been contacted by the authorities before about this subject. The amount of cryptocurrency stolen was more than 20 million dollars, and this case is important because it could set a precedent in how courts will manage situations like this, that will undoubtedly keep happening in the future.

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