[techdirt]Court Will Decide If AT&T Is Liable For Cryptocurrency Theft Caused By Shoddy Security - Page 3 - Overclock.net - An Overclocking Community

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[techdirt]Court Will Decide If AT&T Is Liable For Cryptocurrency Theft Caused By Shoddy Security

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post #21 of 29 (permalink) Old 08-01-2019, 12:24 AM
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I read the PDF a little and well if they gave his account away then legally... who knows... what damages they will have to pay for, on top of that all these crypto lords should stop demanding compensations in $ and instead want it in their crypto. It's like saying they stole my $100 and I want back 100 kg of gold! Only shows what they really are after and what most current crypto is used for, for profiting and converting to regular more stable and established usable currencies. Crypto is a good idea but it got majorly misused exploited and ruined so far one fraud after another, one useless crypto to mine after another so that early adopters/creators of it profit, hype it up and then tank it.
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post #22 of 29 (permalink) Old 08-01-2019, 07:33 AM
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Quote: Originally Posted by Hueristic View Post
Thanks for the link. I filed during the open window last year though. Am waiting eagerly for some coins to come back my way now that they are worth 50x what they were when they were stolen.


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post #23 of 29 (permalink) Old 08-01-2019, 07:55 AM
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Quote: Originally Posted by JackCY View Post
I read the PDF a little and well if they gave his account away then legally... who knows... what damages they will have to pay for, on top of that all these crypto lords should stop demanding compensations in $ and instead want it in their crypto. It's like saying they stole my $100 and I want back 100 kg of gold! Only shows what they really are after and what most current crypto is used for, for profiting and converting to regular more stable and established usable currencies. Crypto is a good idea but it got majorly misused exploited and ruined so far one fraud after another, one useless crypto to mine after another so that early adopters/creators of it profit, hype it up and then tank it.
Hi,
Typical pyramid scheme.

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post #24 of 29 (permalink) Old 08-01-2019, 04:31 PM
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Quote: Originally Posted by JackCY View Post
I read the PDF a little and well if they gave his account away then legally... who knows... what damages they will have to pay for, on top of that all these crypto lords should stop demanding compensations in $ and instead want it in their crypto. It's like saying they stole my $100 and I want back 100 kg of gold! Only shows what they really are after and what most current crypto is used for, for profiting and converting to regular more stable and established usable currencies. Crypto is a good idea but it got majorly misused exploited and ruined so far one fraud after another, one useless crypto to mine after another so that early adopters/creators of it profit, hype it up and then tank it.
so like a standard business these days

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post #25 of 29 (permalink) Old 08-03-2019, 05:42 AM
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How is it possible that this wasnt thrown out the windows as soon as the judge read "crypto currency". Its not even a currency, just like monopoly money.... Its the worlds biggest legalized piramid game lol.

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post #26 of 29 (permalink) Old 08-03-2019, 05:56 AM
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It's a loss of a person's possession regardless of what that item happens to be. It could have been a steam account that was allowed to be stolen, or a seat for Solidworks even.

And besides, crypto is now regulated and taxed by the US government anyway. They are sure to make money here somehow.


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post #27 of 29 (permalink) Old 08-03-2019, 11:09 AM
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Quote: Originally Posted by 8051 View Post
Yikes. I've used 2FA to access my bank accounts. It's scary to think someone could steal my phone number right out from under me then use it to access my bank accounts.

Does this scam work as follows: someone pretends to be the target victim (as to name and phone number) calls the cellular service provider and states that their existing phone is dead and that they have a new phone and want the phone number ported over to that different phone?

When my old dumb phone actually died, I remember there was a separate verification (because I had forgotten my password) they wanted before they would port my number over to the new phone (because they couldn't text me to verify I was who I was). They wanted the last date my account was charged for my cellular service. So if someone doesn't have your password or phone or a billing statement how could they pull this off? And wouldn't someone notice almost instantly that their phone was no longer active on the cellular network?
Quote: Originally Posted by epic1337 View Post
It gets better than that actually. The SIM/GSM system is so rotten partly due to the fact that too many hands are in the cookie jar. Big telecommunications companies have their systems setup so that even low level overseas customers service agent have access to the company SIM databases and have authorization to "SIM swap".

Before the largest darknet market dream market was shut down a couple months ago you could literally go find people selling access to these said systems. So some dude at AT&T will sell you a sim swap of your targeted victim if you pay him X in crypto. If you know where to look you don't even need to ***** foot around with customer service agents from the telcos to try and trick them into swapping the sim over.

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post #28 of 29 (permalink) Old 08-04-2019, 04:48 PM
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Quote: Originally Posted by xJumper View Post
It gets better than that actually. The SIM/GSM system is so rotten partly due to the fact that too many hands are in the cookie jar. Big telecommunications companies have their systems setup so that even low level overseas customers service agent have access to the company SIM databases and have authorization to "SIM swap".

Before the largest darknet market dream market was shut down a couple months ago you could literally go find people selling access to these said systems. So some dude at AT&T will sell you a sim swap of your targeted victim if you pay him X in crypto. If you know where to look you don't even need to ***** foot around with customer service agents from the telcos to try and trick them into swapping the sim over.
Just pay them on the web in crypto so you can steal moar crypto from a victim.

There is definitely a huge difference in how banks handle accounts and how telco does it.
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post #29 of 29 (permalink) Old 08-05-2019, 10:14 PM
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Quote: Originally Posted by JackCY View Post

There is definitely a huge difference in how banks handle accounts and how telco does it.
Except when you secure your bank account with 2FA with a SIM from your telco... Lol. But yea no, telcos are weaksauce in regards to how they handle social engineering attacks, wayyyy too lenient.

Quote: Originally Posted by JackCY View Post
Just pay them on the web in crypto so you can steal moar crypto from a victim.
Biggest problem from all these rackets and everybody in the crypto game. Using crypto to get more crypto means you get left with just more crypto. Turning crypto into real cash is the problem... Anyone who's made it big in the crypto game knows this. All the millions stolen from MT. GOX, where the mastermind cashing out?

Aside from some early outliers who lucked out very few people are able to turn their e-wealth into real wealth. Even if you had ten bitcoins you mined yourself from back in the day, try and cash that out somewhere today, on any exchange really and see how hard it is to try and cash out any sizeable amount of crypto to "real" hard currency. There's no rules in this game, some of these "exchanges" are running with basically no reserve and it's almost a ponzi in that regard as nobody could really cash out a large sum of money regard of what bitcoin is "worth".

Moving crypto wealth in any sizable amount to real money is next to impossible without having the IRS/interpool up your rear. Guys that make money selling "stuff" often are taking like 50% hits on their wealth when they convert large sums of crypto to local cash.

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