U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

California Man Loses $1.8 Million Worth of Crypto Because of SIM-Swapping, Sues AT&T

News
Fri, 10/25/2019 - 07:03
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Seth Shapiro claims that he and his family had to endure 17 months of "horror" after losing their entire life savings

Cover image via www.123rf.com

Seth Shapiro, a cryptocurrency investor from California, lost an eye-popping $1.8 mln worth of crypto because of a SIM-swapping attack, ABC News reports. 

Shapiro, who lost all of his life savings in a flash, claims that hackers were able to compromise his accounts on cryptocurrency exchanges by transferring his number to another device. Hence, he decided to take the leading US phone carrier to court after this black swan event. 

Must Read
SIM-Swap Crypto Thefts Get Out of Hand as Bitcoin Price Reaches New Highs - READ MORE

According to Shapiro, there was nothing he could do about his dire predicament when he found out that his SIM-card was suddenly disabled back in 2018. He tried to put his phone on the list that would prohibit this feature, but it turned out that AT&T never had such an option. 

 "I sat there and my entire life savings were stolen and there was nothing I could do about it, in the AT&T store," he told ABC News.  

He also added that the company's employees were reluctant to give him a helping hand. Hence, Shapiro and his family had to go through "anxiety, depression, and horror", adding that the hack "destroyed their lives."

However, AT&T claims that it does warn its customers about this sham, and there a separate guide on how not to become fall prey to such attacks.  

As reported by U.Today, the first person was convicted for SIM-swapping back in February 2019. The hacker who drained more than $5 mln from his victims' crypto accounts got 10 years of jail time.     

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

News
Wed, 04/01/2020 - 08:27
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • It is the first day of the month and Ripple has released one billion XRP from its escrow wallet. The community traditionally expects a price drop after such massive dumps

Cover image via stock.adobe.com

It is the first day of another month – this means that Ripple has lavishly thrown XRP from its escrow wallet – one billion coins. Since the start of 2020, this monthly dragon-sized amount was withdrawn in two portions of 500 mln XRP each.

XRP escrow
Image via Twitter

While the XRP price is in the green zone, trading at $0.173095 on CoinMarketCap, the comments under the tweets about the XRP release signify that the community is either indifferent (having got used to these releases already) or is expecting another price drop in the short term.

In January 2018, XRP, the third-largest cryptocurrency, reached an all-time high of nearly $3. Since then, XRP has been light years away from the ATH.

Must Read
Ripple's Xpring Wants to Make XRP Transactions Private. Is This Possible? - READ MORE

Many skeptics say that the XRP price is not going to rise even in the long term, mocking those who remain faithful, holding bags of the coin.

As earlier reported by U.Today, many in the community believe that regular XRP releases made by Ripple prevent the price from rising and reaching at least $1. In 2019, a petition was set up on Change.org by crypto influencer ‘Crypto_Bitlord’ who wanted Ripple to stop dumping XRP.

Curiously, later on, another petition appeared on the same platform, requesting Ripple to accelerate the release of XRP in order to increase the coin’s adoption, which would assumingly lead to a massive price surge.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge