San Francisco Man Loses Life Savings in SIM Card Hack

Crypto Asset Holders Targeted in Devastating Fraud Costing Millions in Losses

Cryptocurrency investors are continually being reminded that their assets may not be safe. One man lost his life savings in a matter of hours after hackers bypassed security systems to gain unauthorized access to his account. SIM swap scams such as these are on the rise and targeted toward owners of digital assets.

At Levin Law, P.A., we represent individuals who have suffered cryptocurrency and other digital asset losses related to data breaches and security failures. If you have sustained financial losses as a result of a crypto asset hack, contact Levin Law for a free case evaluation. Call (305) 402-9050 or email managing partner Brian Levin directly at contact@levinlawpa.com.

SIM Card Swap Cost One Man Everything

A San Francisco man is speaking out after a SIM card hack cost him $1 million. According to reporting by CNN Business, Robert Ross lost his entire life savings after his cellular phone company allowed hackers to gain access to his account. 

In the interview, Ross tells the news outlet that he was in his home office when he received a notification of a withdrawal request. Shortly thereafter, he notices that his phone no longer has service. 

He would later discover that a person had gained unauthorized access to his account simply by calling his cellular provider and pretending to be the account holder. The hacker was then able to take control of his phone number by swapping the subscriber identity module or SIM card. 

The Prevalence of SIM Swap Scams

SIM card swaps are more widespread than most people realize. Last month, we warned cryptocurrency holders about the problem and provided advice on how to protect their digital investments from hacking.

Earlier this year, nearly 50 million T-Mobile customers were affected by a data breach. The breach exposed critical data such as social security numbers, names, addresses, and other account information, which hackers could use to defraud the cellular company into completing a SIM card swap.

Lawsuits Related to Cryptocurrency Losses

Ross, who lost everything he had stored across two exchanges, is currently suing AT&T, his cellular provider, at the time of the hack. As reported by CNN, he is alleging that their failure to protect his privacy and account data resulted in over $1 million in losses.

Ross is not alone. Millions of dollars in crypto assets have been stolen by hackers in similar swapping schemes. T-Mobile is facing a multi-million dollar lawsuit after one customer had $8.7 million in cryptocurrency transferred out of his account. The hacker used a similar SIM Card Swap Scam to perpetuate the fraud.

Individuals affected by SIM swapping scams, data breaches, or other security failures are encouraged to contact a cryptocurrency lawsuit attorney to discuss their legal options.

Contact Levin Law, P.A. for a Free Case Evaluation

If you have been victimized by a cryptocurrency SIM card swap hack, contact Levin Law, P.A. for a free case evaluation. Call (305) 402-9050 or email contact@levinlawpa.com to speak with Levin Law founder and managing partner Brian Levin. 

Most cases are handled on a contingency fee basis, meaning that clients are not obligated to pay Levin Law’s attorney fees unless money is recovered on their behalf.

About Levin Law

Levin Law is a premier national securities, cryptocurrency, and class action law firm.  Brian Levin, Levin Law’s managing attorney, has obtained settlements and recoveries over $150,000,000 in assets through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents cryptocurrency investors, retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.