Verizon Pays $62 Million to Settle Class Action Lawsuit Following Massive Data Breach

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

T-Mobile has agreed to pay $33 million to settle a lawsuit related to a SIM swap attack that resulted in the theft of millions of dollars' worth of cryptocurrency.

The lawsuit was filed in 2018 by several individuals who claimed that T-Mobile failed to protect their accounts from SIM swap attacks, which allow attackers to gain access to a victim's account by swapping the SIM card with a new one. In this case, the attackers used the compromised accounts to steal millions of dollars' worth of Bitcoin and other cryptocurrencies.

The lawsuit alleged that T-Mobile was negligent in its handling of customer accounts, failing to properly secure them against SIM swap attacks. The plaintiffs sought damages for the losses they suffered as a result of the attacks.

As part of the settlement, T-Mobile has agreed to pay $33 million to the plaintiffs. The company has also agreed to implement new security measures to prevent similar attacks in the future.

The settlement marks the end of a long and contentious legal battle. The case has significant implications for the telecommunications industry, as it highlights the need for companies to take robust measures to protect their customers' accounts from SIM swap attacks.

In a statement, T-Mobile said that it was pleased to have reached a settlement and that it was committed to protecting its customers' accounts. The company said that it had already taken steps to improve its security measures and that it would continue to work to prevent SIM swap attacks in the future.