American sues T-Mobile for loss of $450,000 as a result of SIM-swapping
SIM-swapping is account hacking through SIM card swapping.
California resident Calvin Cheng filed a lawsuit in New York court after losing a large sum of money.
According to Cheng, in May 2020, he received a message on Telegram messenger from Iterative Capital investment fund co-founder Brandon Buchanan's number. He offered a higher price for 15 BTC.
Chang wired BTC to the specified wallet, which he thought was controlled by the fund, but the money for the bitcoins never arrived. Chang estimated the loss at $450,000. Previously, he had purchased BTC by negotiating via Telegram and using an exchange operated by the fund.
A couple of days later, Buchanan notified customers that his accounts had been compromised via SIM-swapping. The Iterative co-founder used T-Mobile's services.According to Chang, the company breached its obligation to protect customers' personal and financial information.
