A court found the mobile operator T-Mobile guilty of negligence that led to a significant cryptocurrency theft. The law firm Greenberg Glusker secured a recovery of $33 million, highlighting the vulnerability of mobile networks.
This is reported by Бізнес • Медіа
The arbitration process against T-Mobile lasted 12 days and concluded with a detailed ruling. The judges identified systemic security flaws within the company that allowed customers to fall victim to SIM-swap attacks. In addition to the main fine, T-Mobile was also ordered to pay $6.5 million in court costs and interest.
Greenberg Glusker’s attorneys pointed out that mobile operators have long ignored the threat of SIM card attacks, despite their increasing prevalence. During the proceedings, it was proven that T-Mobile failed to take necessary measures to protect its customers, putting their financial assets and personal data at risk.
“T-Mobile attempted to conceal details of the case by restricting access to arbitration materials,” the lawyers noted.
The attorneys believe that the court’s decision should be made public, as the public needs to be aware of the shortcomings in mobile network protection, which could serve as a basis for further lawsuits against telecom operators.
The SIM swap procedure allows attackers to intercept the victim’s calls and SMS, gaining access to their bank and cryptocurrency accounts. Lawyers have urged telecommunications companies to implement additional security mechanisms that are often overlooked.
It is worth noting that there were earlier reports of a new fraud scheme in the crypto sphere related to the cryptocurrency derivatives exchange Deribit.