T-Mobile Accused Of Allowing $8.7M Crypto Co. Hack

Law360 (July 22, 2020, 4:52 PM EDT) -- Cryptocurrency venture Veritaseum Inc. and its founder Reginald Middleton hit T-Mobile with a negligence suit in New York federal court Tuesday over the phone service's alleged failure to protect Middleton's personal data, which he said allowed a hacker to steal $8.7 million in cryptocurrency.

Middleton contends that in July 2017, T-Mobile let an unknown hacker conduct an unauthorized SIM swap, in which control of Middleton's phone number and related personal and financial details were handed to the hacker, who then used that information to access Middleton's cryptocurrency wallets and exchange accounts.

According to the suit, Middleton reported the SIM swap to...

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