An Example Decision Has Been Made Regarding the Fraud Method That Is the Nightmare of Cryptocurrency Owners!

It has been decided that T-Mobile, one of the world’s largest telecommunications providers, will pay 33 million dollars in compensation due to security vulnerabilities that allow SIM swap attacks, leading to cryptocurrency theft.

This case is the largest ruling known to date regarding SIM swap.

The law firm Greenberg Glusker announced that it has received an arbitration ruling of 33 million dollars against T-Mobile. The firm described the ruling as a significant step in holding telecom operators accountable for failing to prevent SIM swap fraud, a tactic commonly used to hijack phone numbers and steal digital assets.

The arbitration in question took place in Los Angeles in the fall of 2023 and lasted for 12 days of testimony. The arbitration panel found T-Mobile responsible for “numerous security flaws that enabled a SIM swap attack leading to cryptocurrency theft.”

The total amount includes attorney fees, interest, and other expenses over 6.5 million dollars. Greenberg Glusker filed a petition in the Los Angeles Superior Court to approve the decision and make the details of the case public.

Pierce O’Donnell, the lead attorney conducting cross-examinations during the arbitration at Greenberg Glusker, stated, “This is the largest known ruling related to SIM swap and a significant victory for mobile consumers.”

Lawyers also explained the mechanics of SIM swap fraud: “When an unauthorized SIM swap occurs, your phone’s connection to the network is severed. During this time, the operator redirects your calls and messages to a phone controlled by a malicious person.”