Silver Miller, a legal firm with a penchant for crypto-related lawsuits, is taking up the cases of SIM swapping, leading to significant crypto losses. The firm will be taking up complaints against leading US-based operators, including AT&T, Verizon, and T-Mobile.
SIM Identity Stolen Despite Promises of Enhanced Security
The legal firm announced in a recent statement that it is already responding to cases of SIM identity theft, and resolving some of the claims. Silver Miller research has discovered that despite reassurances, mobile operators broke their own procedures, thus easing SIM swapping.
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Because mobile phones are often used as 2FA tools, it is possible to break into personal banking, or exchange accounts. SIM swapping has syphoned off significant funds from crypto holders over the years, before new tools of authentication were discovered.
Silver Miller’s research also found evidence that mobile company representatives broke procedure and even assisted criminal circles that aimed at hacking valuable SIM clients. To rectify those cases, Silver Miller has taken up private arbitration, instead of public litigation. The firm has decided protecting clients’ identities is crucial, as they were once victims of a digital identity theft.
The firm invites anyone whose SIM has been compromised, especially in cases where “enhanced security” was promised, to seek legal tools for redress, with a high potential for arbitration to achieve the results even without a trial.
Crypto Community Specifically Targeted
The crypto community is one of the hardest hit by SIM swapping attacks. The most recent case involve the theft of $550,000 in crypto assets, for which two men were charged in Boston. Eric Meiggs, 21, of Brockton, Massachusetts, and Declan Harrington, 20, of Rockport, Massachusetts were charged with conspiracy, wire fraud, computer fraud and identity theft, based on targeting 10 identified persons from the crypto space in the US.
The highest risk is present for prominent social media presences, crypto influencers or anyone potentially holding a “whale” wallet. SIM swapping cannot possibly affect wallets, but can empty out exchange accounts, or custodial wallets, where a third party owns the crypto assets.
Exchanges are a special risk, as they hold about 6.7% of the entire Bitcoin (BTC) supply. Some markets also hold significant hauls of smaller altcoins. The cybersecurity firm, Kaspersy Labs, has noted that SIM swapping is on the rise in 2019, becoming one of the chief types of attack in the crypto sector.
What do you think about the threat of SIM swapping? Share your thoughts in the comments section below!
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