American law firm Silver Miller has filed arbitration claims against telecom providers AT&T and T-Mobile. They do this on behalf of victims of SIM-swapping smartphone hacks. The victims lost cryptocurrencies because the telecom providers ‘left holes in their security’.
One victim, an AT&T customer, lost over 621 thousand dollars worth of cryptocurrencies. Two T-Mobile customers claim to have lost 400 thousand and 250 thousand dollars. According to Silver Miller the security of telecom providers is not on par.
All that’s needed according to the law firm, is “a persuasive plea for assistance, a willing telecommunications carrier representative, and an electronic impersonation of the victim.”
In recent months SIM-swapping has become a popular way to gain access to cryptocurrencies. Thieves abuse security protocols of telecom providers and gain access to phone numbers by claiming a new SIM card. That way they can remotely gain access to smartphones, financial records and account information. This obviously includes cryptocurrency accounts.
This is the second lawsuit against AT&T, as crypto investor Michael Turpin sued the company in August. He lost over 24 million dollars in cryptocurrency after the telecom provider allowed thief to steal his account using SIM-swapping.
Silver Miller is a law firm specialized in crypto related issues. The company is also involved in a class action against Coinbase and Kraken Exchange. There are other lawsuits against Tezos, the fraudulent Bitconnect project and ICO projects in general.