Bittrex Becomes Supposed Target Of SIM Hack Lawsuit

Reports surfaced earlier today that Bittrex, one of the biggest crypto platforms in the space, is being sued over a SIM swap-related action that gave hackers a window to steal 100 Bitcoins, valued at around $1 million when looking at the prices in the current standing of the market.

SIMs

This kind of incident isn’t new for the crypto space. Such a swap was supposedly from the telecom firm AT&T. The funds were withdrawn from the crypto platform which then saw the hacker somehow gaining control over the online identity of the user’s. So it’s safe to say, this is a serious matter.

The CEO of the platform, Bill Shihara has said that they did integrate security measures though.

He added:

“I think this is a problem that requires a lot of solutions and a lot of layers of security. And unfortunately one of the mantras that we use and often publish articles about is that ultimately you can’t trust your phone. You have to be aware that you could lose control of your phone.”

AT&T representative Jim Greer stated:

“Fraudulent SIM swaps are a form of theft committed by sophisticated criminals. We are working closely with our industry, law enforcement and consumers to stop and prevent this type of crime.”

It will be interesting to see how this situation plays out. However, as many legal bodies got involved criminal charges are not going to be placed at this moment in time on the matter.  For more news on this and other crypto updates, keep it with CryptoDaily!