[techdirt]Court Will Decide If AT&T Is Liable For Cryptocurrency Theft Caused By Shoddy Security - 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 #1 of 29 (permalink) Old 07-29-2019, 08:14 PM - Thread Starter
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[techdirt]Court Will Decide If AT&T Is Liable For Cryptocurrency Theft Caused By Shoddy Security

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Wireless carriers are coming under increasing fire for failing to protect their users from SIM hijacking. The practice involves posing as a wireless customer, then fooling a wireless carrier to port the victim's cell phone number right out from underneath them, letting the attacker then pose as the customer to potentially devastating effect. Back in February, a man sued T-Mobile for failing to protect his account after a hacker pretending to be him, ported out his phone number, then managed to use his identity to steal thousands of dollars worth of cryptocoins.

T-Mobile customers aren't the only users who've experienced this problem. US entrepreneur and cryptocurrency investor Michael Terpin sued AT&T last summer (pdf) for the same thing: somebody ran a SIM hijacking scam on AT&T, then stole his identity and, in turn, stole $23.8 million in cryptocurrency. And while AT&T tried hard to have the case dismissed, a Los Angeles federal judge last week issued a mixed ruling that nixed AT&T's request to dismiss the case, but demanded that Terpin do a better job highlighting how AT&T is directly responsible:

"Wright agreed with AT&T that Terpin had not adequately explained how the hack of his account led to the theft of his cryptocurrency or why AT&T should bear responsibility. As a result, he dismissed claims that relied on Terpin's claimed $24 million loss. However, Wright dismissed the claims with "leave to amend," meaning that Terpin has 21 days to file a new version of his lawsuit that more fully explains how the cryptocurrency was stolen and why AT&T should be held responsible."
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post #2 of 29 (permalink) Old 07-30-2019, 12:47 AM
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Always be extra cautious when working with and storing crypto currencies.

I myself lost a rather large amount of coins from the Mt. Gox theft and have never forgotten how easy it is for thieves to steal crypto funds. https://en.wikipedia.org/wiki/Mt._Gox

I would urge anyone with crypto coins to go beyond just keeping them in a wallet on your PC or phone as those devices are typically not secure enough. A physical or hardware wallet might be a better alternative.


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post #3 of 29 (permalink) Old 07-30-2019, 04:07 AM
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yeah im not going to hold my breath on this, these company rarely ever face any consequences for their anti consumerism. the lack of security was well known im willing to bet on that. They simply didnt care because it saved them money.

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post #4 of 29 (permalink) Old 07-30-2019, 04:37 AM
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So much for crypto being safe. Hopefully, every crypto phantom coin in the cloud gets stolen or erased out of existence. Shock some people back to reality.

What a scam. Hey, I need all the garbage cleaned off my lawn. Here is a drawing of a fig shaped like a coin. Here is a thousand of them. Now if you're lucky some schmucks will accept them as currency. I've already hired some oil snake salesmen to get these coins trading on the stock market. Don't ask, I'm connected. Yes, for the gullible like you and me since I guess I also believe in phantom things like bank of Rothschild fiat money backed by nothing. Ohhhh....

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post #5 of 29 (permalink) Old 07-30-2019, 10:56 AM
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This is nothing new. My AT&T account was repeatedly attacked for years. Their solution? They provided a phone number to an independent fraud tracking outfit. Then they locked it down so that no one could change anything without showing ID in person.



Let the buyer beware.

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post #6 of 29 (permalink) Old 07-30-2019, 11:06 AM
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If they are liable, give them a cookie. We need more companies out there trying to ruin this stupid cryptocurrency.

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post #7 of 29 (permalink) Old 07-30-2019, 11:22 AM
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Hi,
Yeah the concept seems like it's just made up out of thin air.
Find a penny on the sidewalk/.... is real

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post #8 of 29 (permalink) Old 07-30-2019, 12:37 PM
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Lol nobody here seems to get the larger picture... That about how SIM, GSM and the accompanying use of it as the predominant form of 2FA is one of the largest security holes next to maybe IoT right now.

Literally right now, SIM boosting is probably one of the largest underground methods circulating on the .onion sites on how to rip people off, steal identities, commit fraud and extortion. It's stupid easy.

Nobody wants to take responsibility (especially not a mobile network operator who is heavily invested in SIM/GSM) because that would mean owning up to the fact that the entire system sucks in terms of security and having to overhaul everything.

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post #9 of 29 (permalink) Old 07-30-2019, 01:02 PM
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I think that is how LinusTechTips got broken in back in the day, someone got the provider to supply a new SIM with the victims number and but I don't know if they ever announced how the attacker had figured out the password. 2 factor is pretty secure until the phone providers start doing this garbage. How do you even spend all that ill gotten 24 million in bitcoin and avoid getting rekt by the taxman.

Originally Posted by Death Dealer
Errors have been made. Others will be blamed...

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post #10 of 29 (permalink) Old 07-30-2019, 01:35 PM
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Mining it's self is more like theft in the name of crypto
What ever it really is I'm sure the funds belonged to someone or their family and just never known to them and claimed.

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