A California judge ruled that AT&T was off the hook for any punitive damages after hackers yoinked $24 million from early bitcoin investor Michael Terpin.
SIM swap attacks involve hackers using some public and private information found online, such as their phone and internet carrier, then using that forged info to switch control of the mark’s SIM card to one they control. Hackers then use that access to dig into the target’s private information, and in this case, find the passcode to his crypto wallet. Pinsky had previously said that there were many low-level workers at these telecom companies willing to take bribes to access users’ phones.
A spokesperson for AT&T told Gizmodo in an email “As we’ve maintained, fraudulent SIM swaps are a form of theft committed by sophisticated criminals. It is unfortunate that these criminals targeted Mr. Terpin, but we are pleased the court agrees that we were not responsible for Mr. Terpin’s losses.”
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