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California Man Sues AT&T Over Loss Of Crypto Accounts

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California Man Sues AT&T Over Loss Of Crypto Accounts
California Man Sues AT&T Over Loss Of Crypto Accounts

California resident Seth Shapiro has filed a lawsuit against wireless service giant AT&T alleging that its employees helped to perpetrate a SIM-swap which resulted in the theft of over $1.8 million in total, including cryptocurrencies. The complaint filed on Oct. 17 claims that Shapiro is “a two-time Emmy Award-winning media and technology expert, author, and adjunct professor at the University of Southern California School of Cinematic Arts.” The lawsuit alleges that between May 16 and May 18 AT&T employees transferred access to Shapiro’s mobile phone to outside hackers:

“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 document states that these actions allowed the hackers to also access Shapiro’s accounts on several cryptocurrency exchanges:

“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.”

The plaintiff also claims to have chat logs in which AT&T employees and hackers discuss how the stolen money should be routed and brag about how much they took.

Shapiro also claims that he fell victim to SIM-swapping multiple times, therefore his personal information and online accounts were already leaked in the past. The complaint states:

“AT&T’s Repeated Failures to Protect Mr. Shapiro’s Account from Unauthorized Access Are a Violation of Federal Law.”

More precisely, Shapiro alleges that AT&T violates the Federal Communications Act for failing to protect the confidentiality of his account information. He also claims that the telecom giant violated several California state laws, including the Unfair Competition Law, the Constitutional Right to Privacy and the Consumers Legal Remedy Act. Lastly, Shapiro also accuses AT&T of two acts of negligence.

Notably, this is not the first lawsuit against AT&T over SIM-swapping. As it was reported on July 27, the federal judge overseeing the Terpin v. AT&T case dismissed the motion. At the time, this was the latest development in a legal battle about cryptocurrencies stolen via SIM-swapping that has been going on for almost a year.

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Roger Ver to Spend $200M Fund for Bitcoin Cash Ecosystem

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Roger Ver to Spend $200M Fund for Bitcoin Cash Ecosystem

As blockchain technology matures, the global community recognizes that the success of a cryptocurrency depends on two factors – the number of people who own it, and the popularity of the various commercial tools. Thus, the question of community development is now of paramount importance for all major blockchain teams.

Further Funding for Better Bitcoin

Roger Ver, an early Bitcoin (BTC) and famous Bitcoin Cash (BCH) promoter, shared his plans on developing a BCH ecosystem at yesterday’s Bitcoin Cash Meetup in London.

Mr. Ver started his passionate speech with demonstrating how BCH could be utilized in a real-world economy. He concluded that BCH has achieved everything as a decentralized peer-to-peer equivalent of cash, becoming the most “Satoshi Vision” cryptocurrency.

The most exciting part of Mr. Ver’s presentation was his plans for the development of an ecosystem. During the meetup, Mr. Ver announced that Bitcoin.com launched a $200M fund in support of the BCH ecosystem. This initiative will primarily focus on investing in businesses that use BCH. Roger Ver was slightly pretentious when he said that the final outcome of BCH is for everyone to have financial freedom.

Fast Transactions, Mass Adoption

Roger Ver has stated on numerous occasions that BCH is widely used in real-world situations due to the high-speed nature of this blockchain technology. The quantity of businesses that have implemented BCH is greater than any other cryptocurrency.

BCH is a fork of Bitcoin Core. This occurred on August 1st, 2017 as a solution to the BTC scalability problem. It utilizes different block sizes and operates much faster than its predecessor.

$200M in funding sounds really exciting, but will it really boost mass adoption? How will it deal with the regulations?

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Weiss Crypto Ratings Says Cardano Is ‘Vastly Superior’ to EOS

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Weiss Crypto Ratings Says Cardano Is 'Vastly Superior' to EOS

Weiss Crypto Ratings has put its weight behind Cardano, saying that the project is superior to other network-based competitors.

According to a tweet published Nov. 13 on its official Twitter account, Weiss Crypto Ratings claimed that Cardano is “clearly superior” to EOS. EOS holds a market capitalization of $3.2 billion compared to Cardano’s $1.1 billion.

The rating agency explained that while EOS may have been first to market, it’s becoming “increasingly clear” that Cardano has pulled ahead in the competition for best crypto-based technology.

Weiss Ratings also provided the update that Cardano has completed the first snapshot and balance check for its Shelly testnet. The agency calls this the first step towards staking, which will allow investors to begin earning dividends on their ADA.

Weiss Ratings took to Twitter last week to argue that Cardano and Algorand had already solved most of the issues addressed by the CBC Casper Protocol, while saying that Ethereum was wasting time on the project.

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VeChain Brings Out Food Tracing Platform At China Expo

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VeChain Brings Out Food Tracing Platform At China Expo
VeChain Brings Out Food Tracing Platform At China Expo

Singapore-based blockchain application platform VeChain has unveiled a new blockchain tracking system for the food and beverage industry. In a blog post on Nov. 7, the company confirmed it was working with food certification group DNV GL and supply chain specialist ASI Group on the project, known as Foodgates.

The original announcement came at this year’s China International Import Expo (CIIE), being held from 5-10 Nov. in Shanghai. “The immutability of public blockchain coupled with verifiable information makes this solution really unique,” VeChain COO Kevin Feng commented. VeChain revealed Foodgates had already been put to work, importing French beef to China for an event attended by French President Emmanuel Macron and China’s Xi Jinping, who also spoke at CIIE.Image result for ve chain

China recently unleashed huge official support of blockchain technology, with Xi himself urging its use in a speech in late October. The surprising development accompanied the news that China could become the first country in the world to release its own central bank digital currency (CBDC). Following Xi’s words, local media began warning citizens about the legal implications of criticizing blockchain or calling the technology a scam. “VeChain, being a global blockchain technology platform provider with significant resources in China and Europe will be a direct beneficiary of this bullish shift by the second-largest economy in the world,” the blog post added.

Blockchain has made significant inroads into the food industry in recent years. Businesses have devoted energy to tracking everything from coffee to lettuce, arguing immutable ledgers save time, money and add security to supply chains. Nonetheless, criticism has come from experts who have identified shortcomings in potential new systems. “The weakest link in the chain is not blockchain or any technology, the weakest link is the piece of sticky tape that puts the label on the package,” PwC analyst explained in an interview on Thursday.

Additionally, VeChain’s announcement saw instant benefits for investors in its native VET token, which rose around 40% this week after an initial dip.

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