Bitcoin

Circuit

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 <li>Reducing vulnerabilities in telecom security, hackers can avoid 2FA and pilfer millions of dollars in Bitcoin using SIM-swap attacks.</li>   
 <li>Terpin's case exposed telecom flaws, and AT&amp;T is being investigated for potential SIM-swap attack involvement.</li>   
 <li>The court's Section 222 finding supports Terpin's action against AT&amp;T for its data protection practices in the SIM-swap scheme.</li> 
</ul>   
<p>Bitcoin investor Michael Terpin sues AT&amp;T a popular telecommunication for $45.5M in damages. After a $24 million bitcoin SIM exchange was completed in 2018, he filed the case. According to Terpin, <a href="https://cryptonewsland.com/att-email-hacks-cryptocurrency-thefts-techcrunch/" target="_blank" rel="noreferrer noopener sponsored nofollow">AT&amp;T did not keep his data safe</a>, so they managed to slip past his two-factor authentication and get into the cryptocurrency wallet.</p>   
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   https://twitter.com/WuBlockchain/status/1841697803481055718 
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<h3 class="wp-block-heading" id="h-sim-swap-hack-of-2018-and-its-principal-players"><strong>SIM-Swap Hack of 2018 and Its Principal Players</strong></h3>   
<p>Ellis Pinsky, a 15-year-old hacker, bought off an <a href="https://www.att.com/" target="_blank" rel="noreferrer noopener">AT&amp;T</a> employee in order to carry out the SIM switch in 2018. Pinsky was able to get around Terpin's two-factor authentication by doing this and moving his SIM card data to a blank card.</p>   
<p>By taking over Terpin's cryptocurrency wallet, Pinsky and his accomplice Nicholas Truglia stole $24 million in digital assets. After Terpin sued Pinsky for $71.4 million, Pinsky later gave back $2 million. Meanwhile, Truglia faced a separate lawsuit from Terpin for $75.8 million in 2019, which Terpin won.</p>   
<p>An AT&amp;T employee provided insider assistance in the attack, which exposed a possible security hole in the business's privacy policies. Since SIM-swap attacks have been a common occurrence in the bitcoin sector, this incident has raised concerns about them.</p>   
<h3 class="wp-block-heading" id="h-at-amp-t-s-role-and-ongoing-legal-battle"><strong>AT&amp;T’s Role and Ongoing Legal Battle</strong></h3>   
<p>2020 saw Terpin file a lawsuit against AT&amp;T, seeking $224 million in punitive damages. A judge dismissed most of Terpin's claims in 2023, awarding AT&amp;T a victory in court.</p>   
<p>However, the Ninth Circuit Court of Appeals recently upheld Terpin's claim based on Section 222 of the Federal Communications Act, which mandates that telecom carriers <a href="https://cryptonewsland.com/new-york-sets-customer-service-rules-for-virtual-currency/" target="_blank" rel="noreferrer noopener sponsored nofollow">protect private customer information</a>.</p>   
<p>Notably, the appeals court rejected AT&amp;T's contention that customer proprietary network information (CPNI) was uncompromised. The court acknowledged that SIM-swap fraud gives malicious actors access to CPNI, but it also stressed that accepting AT&amp;T's perspective would have ludicrous consequences.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-investor-files-lawsuit-against-att-for-sim-swap-and-crypto-theft/">Bitcoin Investor Files Lawsuit Against AT&amp;T for SIM-Swap and Crypto Theft</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Bitcoin Investor Files Lawsuit Against AT&T for SIM-Swap and Crypto Theft

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