![]() T-Mobile Warned by FTC About Potential Fraud The hackers would not have been able to transfer out millions of dollars’ worth of cryptocurrency without the information supplied by the cellular company T-Mobile. This illegal access facilitated by T-Mobile eventually allowed the hackers to move more than $8.7 million worth of cryptocurrency from the plaintiff’s accounts.Īccording to the lawsuit, the SIM card swap provided the hackers with invaluable personal and financial data that let them access the plaintiff’s private and corporate cryptocurrency wallet. The suit claims that T-Mobile was culpable of gross neglect by enabling hackers to gain access to the T-Mobile customer’s financial and personal information. This recent lawsuit was filed in New York’s Eastern District. In light of T-Mobile’s recent security breach, where millions of its customers’ information was accessed, SIM swap cases have been on the rise. While such scams are becoming increasingly common and carry a truly frightening potential for fraud, many cellular companies have refused to take the relevant steps to protect their customers’ information. The hackers convince the cellphone company to switch a customer’s phone number from a legit device to one that the scammers control. With this new scheme, called a SIM swap or SIM hack, hackers gain access to cell phone users’ accounts, which they then use to access the cell phone users’ cryptocurrency accounts. Hackers Used T-Mobile’s Flawed Security Measures To Target And Hack Wealthy Individuals with Cryptocurrency Holdings Ultimately, $8.7 million in cryptocurrency was transferred out of Middleton’s account. The hackers used information supplied by T-Mobile to successfully circumvent the two-factor authentication measure, which allowed them to obtain a SIM card containing all of Middleton’s financial and personal information. T-Mobile has been hit with a multi-million-dollar lawsuit after Reginald Middleton lost millions of dollars when hackers gained unauthorized access to his account. Securities Fraud & Consumer Class Actions. ![]() ![]() Investment Fraud & Stockbroker Misconduct. ![]()
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