More

    AT&T Decides to Fight the Crypto Exec’s SIM Swap Suit

    Telecom phone giant AT&T intends on not backing down against Seth Shapiro, VideoCoin's head of strategy, in the $1.7 million cryptocurrency SIM swapping case.

    • AT&T claims to fight the accusations made against them. The claim states that the company was careless with a customer's loss of just over million dollars in a SIM swapping scam.

    Seth Shapiro, VideoCoin’s head of strategy, filed a lawsuit on October 17 in U.S. District Court for the Central District of California accusing the telephone company for neglecting to protect his cell phone during a May 2018 hack. Hackers were able to gain entry into his wallets on 11 exchanges worth over $1.8 million dollars. The claim affirmed that two employees who were from Tucson, Arizona and working for AT&T, led the operation.

    Jarrett White and Robert Jack got $4,300 and $585.25, individually, from programmers. The theft happened when Shapiro declared the culmination of $50 million from a private ICO, instead of a public deal.

    After a progression of SIM swaps, Shapiro lost $1.7 million in digital currency. Cybercriminals gained control of his cellphone, accessed his email along with his trade records to take a total of a million dollars and a balance that belonged to other individuals who were investing in crypto projects with him.

    AT&T spokesman Jim Greer said:

    “It is unfortunate that Mr. Shapiro experienced this, but we dispute his allegations. We look forward to presenting our case in court.”

    Joel Ortiz, the genius behind the Shapiro hack, was sentenced to 10 years in prison earlier this year.  An associate, who was considered a minor was also charged in several cases. Ortiz was accused of taking several million dollars, of which only 400,000 were returned to his accounts.

    Another SIM hack allegation was brought against AT&T a year ago, when Michael Terpin, a crypto executive and  business partner in several ventures, claimed to have lost $23.8 million when Shaipro's cell phone was hacked.

    The SIM swap losses have led to an undeniable inquiry for security specialists.

    The CEO of the California-based SIM card security supplier DontPort – Haseeb Awan, spoke to CoinDesk and said,

    “Individuals ought to keep away from SMS [verification] at whatever point conceivable.”

    SIM swapping is a notable risk among the more prominent crypto community, and are frequently focused on due to their exposure and because they may hold higher amounts in their accounts. Shapiro told his investors that he took his cell phone to AT&T when his phone all of a sudden quit working.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Sritanshu Sinha
    Sritanshu Sinha
    Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,261FansLike
    2,714FollowersFollow
    4,094FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Bitcoin Price (BTC) Approaching Uptrend Support, Can It Bounce Back?

    Bitcoin price is currently declining and trading well below $8,800. BTC to USD is approaching the key $8,460 support, which holds the key for...

    Bitcoin’s Hash Rate Hits A fresh All Time High Signifying A Strong Network Before Halving

    Bitcoin hash rate has hit a fresh all-time high (ATH) which shows that the king crypto has continued to gain on its technical ability. Fresh...

    Top 20 Best Cryptocurrencies in 2020: Which Coins to Watch For This Decade

    As the new decade dawns upon the emerging digital asset economy, it's important to analyze the current cryptocurrency market landscape and find out which...

    CZ Says BNB Burns Not Priced In after 2.2 Million Binance Coin Taken Out of Circulation Forever

    Binance burns $38.8 million worth of B&B and raking in a profit of $194 million 4Q19 CEO changpeng Zhao, CZ is “mystified” that...

    Bitcoin SV Price Falls Hard After Craig Wright's Lawyer Reveals He Has No Private Keys

    BitcoinSV, (BSV)'s value took a drastic plummet by 17% yesterday evening after the news broke that Craig Wright was unable to show proof that...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.