AT&T Faces Legal Case After Hacked User Loses $560,000 In Stolen Ethereum Cryptocurrency

American telecom big AT&T is being sued after certainly one of its prospects was allegedly scammed out of cryptocurrency in a SIM swap assault. Jamarquis Etheridge, a Texas, US-based man sued AT&T after he misplaced cryptocurrency tokens value $560,000 (roughly Rs. 4 crores) from an account linked to his telephone quantity. As per experiences, Etheridge fell prey to a SIM Swap assault through which scammers dig out the numbers of potential victims and get them modified by community operators. After shedding his Ether (ETH) tokens, Etheridge determined to take authorized motion in opposition to AT&T, questioning its consumer safety provisions and demanding compensation.

As per a report by information portal BeingCrypto.com, the complainant has alleged that AT&T was conscious of the risk involving these SIM swapping assaults. Within the police report filed on 15 September, Etheridge claimed that the community operator had been posting warnings in opposition to such assaults however didn’t do something to tighten safety in opposition to such breaches.

Hackers managed to make an unauthorized entry into Etheridge’s wi-fi account on September 10. By the point AT&T processed the assault, the hacker(s) stole ETH 159.8 tokens from the number-linked account.

As is typical in such assaults, the infamous actor(s) could have discovered Etheridge’s telephone quantity and satisfied the community supplier, on this case AT&T to subject and activate a brand new SIM. Later, the hacker(s) should have extracted the linked monetary data with the brand new quantity.

Etheridge has demanded that AT&T should compensate him for the theft, the report mentioned.

In December 2020, {hardware} pockets participant Ledger servers witnessed a spike in SIM swap threats. Private monetary knowledge of a number of customers have been leaked round that point and the victims stay uncompensated.

AT&T itself, has ceaselessly been a sufferer of SIM swapping assaults. Between 2018 and 2019, three AT&T customers collectively misplaced over $26 million after their crypto belongings have been stolen in comparable SIM swapping assaults.