T-Mobile slapped with $33 million bill for a SIM swap it didn’t stop
- T-Mobile was ordered to pay $33 million in damages after losing an arbitration case tied to a major security failure.
- The case involved a SIM swap attack that allowed hackers to steal $38 million in cryptocurrency from a customer’s account.
- The breach happened even though the victim had extra protections, raising concerns that hackers bypassed T-Mobile’s security through a backdoor.
T-Mobile has paid $33 million to settle a private arbitration case involving a major SIM swap incident that resulted in the theft of tens of millions of dollars in cryptocurrency. The payout, revealed through a petition filed in a Los Angeles court, follows a high-profile legal battle brought forward by California law firm Greenberg Glusker.
According to Security Week, which reviewed the legal filings, the arbitration award stems from a February 2020 cyberattack that targeted tech entrepreneur Joseph “Josh” Jones. The attackers managed to hijack Jones’ T-Mobile account and port his phone number to a SIM card they controlled. Once in possession of the number, they were able to access and drain his cryptocurrency holdings, stealing over 1,500 Bitcoin and roughly 60,000 Bitcoin Cash. At the time, the stolen assets were valued at $38 million.
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