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

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  • Alex Dovbnya
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    Seth Shapiro claims that he and his family had to endure 17 months of "horror" after losing their entire life savings

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

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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.     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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