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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Second Lawsuit Emerges: Why Are Hackers Targeting AT&T Crypto Investors?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
hacker at&T crypto

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AT&T’s slogan is “More For Your Thing, That’s Our Thing.” Unless your thing is crypto, as yet another investor has learned the hard way. Which in that case, they ended up with $1.8 million less of their thing.

The company is still being sued by Michael Terpin over $24 million in stolen crypto due to what he claims to be negligence on the company’s part. Now, a second, high-profile suit involving the mobile phone carrier and millions in cryptocurrencies gone missing has emerged.

Mobile Carrier Sued For Second Case Involving SIM-Swapping Hack

AT&T’s mobile arm is being sued yet again for a very similar case involving millions of stolen cryptocurrencies.

According to a court filing, Seth Shapiro is suing the telecom firm for $1.9 million over an alleged SIM swap attack.

Shapiro claims that somehow AT&T staff provided hackers with access to the investor’s cell phone. These hackers used the cell phone to intercept incoming two-factor authentication codes, which were then used to access Shapiro’s accounts.

Related Reading | Cryptocurrency SIM Hack: Somber Reminder To Never Invest More Than You Can Afford to Lose

Shapiro claims to have placed his entire life savings in cryptocurrencies. Any story involving stolen investment or life savings is a sad one. But Shapiro’s story acts as a reminder of why crypto investors are told to never invest more than they can afford to lose.

Shapiro took the entire proceeds of the sale of his home and placed it into an all-in bet. He claims he now doesn’t have enough money to buy a new home and it has put a great deal of stress on his family.

In total, Shapiro had $1.8 million worth of crypto stolen.

What’s Going On With AT&T And High Wealth Crypto Investors?

This case isn’t the only case involving AT&T. Another high profile case has been ongoing since 2018.

In that scenario, angel investor Michael Terpin was hacked for a far more substantial amount: $24 million.

The same situation transpired. The investor suddenly realized he no longer had access to his phone. His cryptocurrencies were then stolen through the same SIM swap scam and intercepted 2FA codes.

Terpin alleges that either AT&T employees were involved or negligent in some way, allowing the crooks to gain access to his phone number.

Related Reading | 15 Cryptocurrency Community Members Targeted As SIM-Port Hack Trend Spikes

The case is still ongoing today, with AT&T recently filing a motion to dismiss. Terpin has since fired back.

It is probably a good idea for crypto investors to avoid the telecom firm considering the coincidence of AT&T being involved in both scandals. However, is it even more important to rely on Google Authenticator or other two-factor authentication alternatives that don’t involve a text message.

Using Google Authenticator requires codes to be backed up that could ultimately be lost, but it adds a layer of security that protects against SIM-swapping.

Both Shapiro and Terpin will likely rely on these alternatives in the future. Several other high-profile investors have also learned lessons like this the hard way.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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