Silver Miller, one of the leading law firms for cryptocurrency related cases in the US is now suing AT&T and T-Mobile for cell phone hacks that victimized cryptocurrency holders. The crypto investor law firm usually engages in cases related to Initial Coin Offering (ICO) frauds and crypto exchange disputes. Now, it is bringing the two communication companies to court, claiming on behalf of their customers for an emerging identity theft issue called “SIM swapping.”
Why Are AT&T and T-Mobile Being Sued?
Silver Miller, on behalf of its customers, will now arbitrate a case that cellphone providers like AT&T and T-Mobile are leaving security protocols with loopholes that can be exploited to dupe customers. The lawsuit also suggests that by failing to train and adequately monitor their employees, these companies are complicit in identity theft through SIM cards where financial records and identity information of the victims is being compromised. Consequently, cryptocurrency holdings of the users are being stolen.
Millions Stolen in Sim Swap Cases
One of Silver Miller’s clients, who held an AT&T account lost over $621,000 in crypto coins following a SIM swap. The client had previously been a victim of an attempted hack and AT&T had assured him of increased account security after the breach, but the perpetrators of the crime went ahead and stole the money anyway.
Two other victims being represented by Silver Miller have lost $400,000, and $250,000 respectively post a similar SIM swap hack on their T-Mobile accounts.
The growing number of SIM swaps is the latest nuisance in the telecom world that is affecting crypto users. In this incident, a hacker gets a duplicated SIM for an account and steals millions of dollars from the victims without them being involved in the situation. The hacker often poses as the victim, asks for assistance from a representative of the telecom carrier and steals money, financial information, personal information and digital assets from the victim’s accounts.
Silver Miller is also encouraging other users who have lost money or cryptocurrency to a SIM swap incident to consult them for legal options without delay.