Bittrex sued over SIM hack lawsuit

Monday 4 November 2019 11:02 CET | News

Bittrex, a cryptocurrency exchange, has been sued over a SIM swap that netted criminals 100 Bitcoin, currently worth nearly USD 1 million.

The swap was from cellular carrier AT&T, the money was taken from Bittrex, and the hack took control over the victim’s online identity. The victim said that Bittrex violated its own published security protocols and ignored industry standards, missing the chance to stop the high-stakes burglary.

The financial legal examiner concluded that Bittrex did not ‘take reasonable steps to respond’ to the victim’s notice and ‘appears’ to have violated its own terms of service, in a signed letter dated August 30, 2019 provided to CoinDesk by the victim.

Though various legal entities were notified of the hack, they have not yet announced any criminal charges in the case, and as such, the whereabouts of the victim’s Bitcoin are unknown. Bittrex declined to comment specifically about the hack and the court case.

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Keywords: Bittrex, Bitcoin, SIM swap fraud, fraud prevention, cryptocurrency, crypto exchange
Categories: DeFi & Crypto & Web3
Countries: United States
This article is part of category

DeFi & Crypto & Web3