Verizon Forced to Cough Up $25M After Hackers Exploit SIM Swap Flaw to Pilfer $30M in Cryptocurrency

T-Mobile Ordered to Pay $33M After SIM-Swap Hack Leads to $38M Crypto Theft

A federal court has ordered T-Mobile to pay $33 million in damages after a SIM-swap hack led to the theft of $38 million in cryptocurrency.

According to court documents, in 2021, a group of hackers carried out a SIM-swap attack on T-Mobile customers, including a cryptocurrency trader. The attackers hijacked the victim's phone number and used it to gain access to the trader's cryptocurrency accounts, stealing millions of dollars' worth of digital currency.

T-Mobile was accused of failing to properly secure its customers' information, allowing the hackers to carry out the attack. The company was also criticized for its slow response to the incident, with some customers reporting that they were not notified of the breach until several months after it occurred.

As a result of the hack, the cryptocurrency trader was left with significant financial losses, and a federal court has now ordered T-Mobile to pay $33 million in damages to compensate for the harm caused.

"This is a significant victory for our client, who was left with devastating financial losses as a result of T-Mobile's failure to protect its customers' information," said a spokesperson for the law firm that represented the cryptocurrency trader. "We hope that this settlement will send a message to T-Mobile and other companies that they have a responsibility to protect their customers' sensitive information and to respond promptly in the event of a breach."

T-Mobile has faced numerous security breaches in recent years, including a massive data breach in 2021 that exposed the personal information of millions of customers. The company has been working to improve its security measures in recent months, but the latest settlement is a reminder that more needs to be done to protect customers' sensitive information.