T-Mobile Held Liable for SIM Swap Cryptocurrency Theft in Landmark Arbitration

According to BlockBeats, law firm Greenberg Glusker has secured a $33 million arbitration award against telecom giant T-Mobile, marking a significant milestone in holding telecom operators accountable for SIM swap-related cryptocurrency theft. The arbitration panel found T-Mobile responsible for multiple security failures that enabled SIM swap attacks, leading to the theft of cryptocurrency. The final amount, which includes over $6.5 million in attorney fees, interest, and costs, has been fully paid by T-Mobile. Greenberg Glusker has filed a petition with the Los Angeles Superior Court to confirm the award and make the case details public. The law firm highlighted the scale and importance of this outcome. During the arbitration, Greenberg Glusker attorney Pierce O'Donnell led the cross-examination, stating, "This is the largest known SIM swap-related award and a significant victory for mobile phone consumers." The firm emphasized that its litigation team, comprising O'Donnell, Paul Blechner, James Molen, and Eric Sefton, demonstrated T-Mobile's long-standing failure to address known security vulnerabilities. Blechner, who examined key witnesses including the attackers who executed the SIM swap, remarked, "This is a great result for our client and mobile users worldwide. SIM swapping has been an uncontrolled security vulnerability for years. Operators like T-Mobile have long been aware of this issue but failed to take basic preventive measures. This award indicates they must do better."