T-Mobile, one of the world's largest telecommunications providers, has been ordered to pay $33 million in damages over security vulnerabilities that enabled SIM swap attacks and led to cryptocurrency theft. This case is the largest known decision regarding SIM swap to date. Law firm Greenberg Glusker announced that it has won a $33 million arbitration award against T-Mobile. The firm called the decision a significant step in holding telecom carriers accountable for failing to prevent SIM swap fraud, a widely used tactic to hijack phone numbers and steal digital assets. That arbitration took place in Los Angeles in the fall of 2023 and featured 12 days of testimony. The panel found T-Mobile liable for “numerous security failures that enabled SIM swapping attacks leading to cryptocurrency theft.” Related News: Giant Whale is Trapped: Goes Long with 10x Leverage in this Altcoins And Suffers Huge Losses The total includes more than $6.5 million in attorney fees, interest and other costs. Greenberg Glusker filed a motion in Los Angeles Superior Court to confirm the verdict and make the details of the case public. “This is the largest known SIM swap-related decision and a significant victory for mobile phone consumers,” said Pierce O'Donnell, Greenberg Glusker’s lead attorney who conducted cross-examinations during the arbitration. The lawyers also explained the mechanics of the SIM swap scam: “When an unauthorized SIM swap occurs, your phone is disconnected from the network. During this time, the carrier routes your calls and messages to a phone controlled by the malicious party.” *This is not investment advice. Continue Reading: Exemplary Decision on the Most Dangerous Fraud Method for Cryptocurrency Holders
