Fri, August 19, 2022

Largest Telecommunications Company and Crypto-Related Crimes

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The world-famous American company AT&T wanted to dismiss a lawsuit but the U.S. District Judge decided not to support this decision. Judge Consuelo Marshall rejected AT&T’s bid and this is bad news for the world’s largest telecommunications company. According to the lawsuit filed by investor Seth Shapiro, the company failed to prevent the theft of $1.8 million in crypto.

Judge Marshall decided to allow the suit to continue, despite AT&T’s attempt to dismiss this lawsuit. It means that Shapiro has the change to win this case. It means that Shapiro’s claims of negligence, negligent supervision, and request for punitive damage were left intact.

Seth Shapiro is a famous media tech consultant. He used to work for Disney and Showtime. Shapiro filed a suit against AT&T in December 2019. He claimed that due to the firm’s security problems, he suffered losses.

Crypto and SIM-swap attacksCrypto-related crimes and major telecommunications company

According to the court order, Shapiro suffered his first SIM-swap attack back in May 2018. Moreover, the employee of AT&T noted the swap activity in the account. Moreover, he reassured Shapiro, that his SIM card would not be swapped again without his permission.

Nevertheless, AT&T failed to implement sufficient data security systems. Moreover, the company was unable to supervise its employees. Also, it did nothing to stop its employees when they used their position to gain access to Shapiro’s account. Furthermore, they used their position to rob him as well as to extort and to threaten him in exchange for money.

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A famous media tech consultant has until May 29 to file an amended complaint in response to the order.

Let’s have a look at SIM-swap attacks. Such attacks require the participation of employees from a telecom company. It means that telecom’s employee deliberately or unintentionally reassigns the victim’s account to a SIM controlled by a criminal. This person or group then is able to gain access to information or accounts that belong to the victim. As a result, they are able to steal his or her crypto as can be seen from the case of a famous media tech consultant.

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