Perhaps every crypto users’ biggest nightmare is waking up and finding out that their cryptocurrency has been stolen. This is because there are a variety of ways in which this has happened in the past such as the hacking of crypto wallets and exchanges, SIM swapping scams as well as phishing scams. A lot has been put in place to educate crypto users about the many dangers and ways by which their cryptocurrency can be stolen as well as putting security measures in place to prevent these thefts and to catch the perpetrator should they take place.

On October 17, 2019, a California man by the name of Seth Schapiro filed a lawsuit against AT&T, a telecoms giant, claiming that it’s employees had participated in a SIM swap that led to loss of $1.8 million for him and this included cryptocurrency.

Stolen Funds 

According to the official complaint, Shapiro alleges that between May 16 and 18, AT&T employees had transferred access to his phone to outside parties on this led to the hacking and stealing of funds.

“AT&T employees obtained unauthorized access to Mr. Shapiro’s AT&T wireless account, viewed his confidential and proprietary personal information, and transferred control […] to a phone controlled by third-party hackers in exchange for money. […] The hackers then utilized their control over Mr. Shapiro’s AT&T wireless number […] to access his personal and digital finance accounts and steal more than $1.8 million,” the complaint says. 

This also led to the hackers being able to gain access to Shapiro’s accounts on certain crypto exchanges through which his cryptocurrency was stolen.

“While third parties had control over Mr. Shapiro’s AT&T wireless number, they used that control to access and reset the passwords for Mr. Shapiro’s accounts on cryptocurrency exchange platforms including KuCoin, Bittrex, Wax, Coinbase, Huobi, Crytopia, LiveCoin, HitBTC, Coss.io, Liqui, and Bitfinex.”

On top of this, Shapiro also says he is in possession of chat logs between the AT&T employees and the hackers in which they had discussions about the best ways to route the money that has been stolen as well as discussions about how much they had managed to take.

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