Verizon Agrees to $25 Million Settlement Following High-Stakes Cybercrime Investigation

T-Mobile Pays $33 Million to Settle SIM-Swap Case After Bitcoin Heist

T-Mobile has agreed to pay $33 million to settle a class-action lawsuit related to a SIM-swapping scheme that resulted in the theft of millions of dollars in cryptocurrency, including Bitcoin.

The lawsuit, filed in 2019, alleged that T-Mobile failed to properly secure its customers' accounts, allowing hackers to gain access to their SIM cards and steal sensitive information, including login credentials and two-factor authentication codes. The hackers then used this information to gain access to the victims' online accounts, including cryptocurrency exchanges, and steal millions of dollars in digital currency.

One of the victims in the case was a Bitcoin investor who lost over 4,000 Bitcoins (worth around $3.5 million at the time) after the hackers gained access to his account and transferred the funds to their own accounts.

The lawsuit accused T-Mobile of negligence and breach of contract, alleging that the company failed to implement adequate security measures to prevent SIM-swapping attacks. The plaintiffs claimed that T-Mobile's failure to secure its customers' accounts resulted in significant financial losses and emotional distress.

As part of the settlement, T-Mobile has agreed to pay $33 million to the affected customers, as well as to implement new security measures to prevent SIM-swapping attacks in the future. The settlement also requires T-Mobile to provide affected customers with credit monitoring services and identity theft protection.

The settlement is a significant victory for the victims of the SIM-swapping scheme, who had been seeking compensation for their losses. The case highlights the importance of securing customer data and implementing robust security measures to prevent cyber attacks.

T-Mobile has agreed to pay $33 million to settle a class-action lawsuit related to a SIM-swapping scheme that resulted in the theft of millions of dollars in cryptocurrency, including Bitcoin.