Verizon, AT&T and T-Mobile Had Arbitrations Filed by Crypto Legal Firm Silver Miller on SIM Swapping

Prominent cryptocurrency-oriented legal firm for blockchain-based lawsuits, Silver Miller, is taking on SIM swapping cases with major telecom operators Verizon, AT&T and T-Mobile.

The legal firm Silver Miller, famous for taking on lawsuits in the crypto world, is also taking the SIM swapping cases that have led to major cryptocurrency losses. The complaints are made against three of the most important phone operators in US, which are Verizon, AT&T, and T-Mobile.

Mobile Operators Broke Their Own Security Policies

Silver Miller has recently made a statement in which it says that it’s responding to SIM identity claims accusations and solving many of the claims. Their research has discovered that even if the mobile operators have reassured their clients that their services are secure, these companies still have broken their own security policies and eased the process of SIM swapping.

SIM Swapping Has Been Syphoning Funds in the Crypto World

Since people are mostly using their mobile phones as 2FA tools, it’s very easy for someone to access their personal banking details or to make account exchanges. SIM swapping has been siphoning funds from many crypto holders in the last few years, and especially before the discovery of new tools for authentication. Silver Miller has been conducting research and discovered that mobile companies not only overlooked their own security procedures, they also encouraged criminal circles to hack their clients’ SIM cards.

In order to rectify the cases, the law firm has decided upon private arbitration and not public litigation. More than this, the identity of their clients is going to be protected. Silver Miller is also inviting people whose SIM has been hacked, especially if they have been promised increased security by their mobile operator, to take on legal actions as there’s a high chance for arbitration and to obtain the desired results without having to go through a trial.

Crypto Users the Most Hit by SIM Swapping

Those who are involved in the crypto space have been the most attacked when it comes to SIM swapping. Only recently, there was a case in which crypto assets valued at $550,000 have been stolen and for which two men were charged. Eric Meiggs from Brockton, Massachusetts, together with Declan Harrington from Rockport, Massachusetts, both in their very early twenties, have been charged with wire and computer fraud, identity theft and conspiracy, after they have targeted and attacked 10 identified victims on US territory.

Those with Prominent Social Media Presences the Most Targeted

Crypto users who have a prominent social media presence are at higher risk, also influencers in the crypto world and those who have a whale wallet. SIM swapping can’t directly affect wallets, yet it can empty accounts and wallets held by a third party. Exchanges are also at high risk, since they have about 6.7% of the Bitcoin (BTC) supply, not to mention there are markets holding smaller altcoins.

Kaspersky Labs, the firm specialized in cybersecurity has noted that SIM swapping has increased and ended up being the main type of attack in the crypto world. Silver Miller is trying to make things right for the ones who have already been the victims of such an attack, by bringing more evidence against mobile operators and being by the side of those who have been hacked.

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.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[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

3,467FansLike
2,795FollowersFollow
4,230FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Protocol to Roll Out Decentralized Oracles Dubbed ‘Open Price Feed'

Compound, one of the most popular defi protocol, is all set to introduce open price feeds for lending on its platform using a decentralized...

$2 Million Slippage & Surge in Ether Price on Uniswap Helps Net $40k in Profit

A Uniswap user was able to profit $40,000 thanks to $2 million of slippage and the price of Ether surging north of 15%. It all...

Irish Govt to Target Cryptocurrencies Use in Money Laundering And Terror Financing

The Irish government aims to implement stricter and more stringent laws to curb money laundering and terrorism financing in its financial system, including digital...

Interactive Brokers to Settle $38 Million in Penalties for Violating AML Procedures

Interactive Brokers LLC, a U.S based brokerage that skyrocketed between 2013 and 2018, has agreed to settle a total of $38 million with the...

Ethereum Gas Price Hasn’t Been This High Since its Launch

The price of Ether is back to making its way to $400 level as it hovers around $391 in the green with just $840...

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.

Start Using Crypto Today