| Join us Down The Rabbit Hole, Bitcoin Magazine’s newly-launched newsletter product designed to bring readers deeper into our archive of technical and cultural content on the world’s original cryptocurrency. Every week, we’ll help contextualize the latest stories in Bitcoin by sharing them here, alongside some content from further down the BTC Rabbit Hole. It’s our hope that the week’s headlines will compel readers to learn more about the longstanding values of Bitcoin — its technical fundamentals and philosophical underpinnings — and that we can serve as their guide Down The Rabbit Hole.
This week, California Judge Otis Wright II granted AT&T’s motion to dismiss a $200 million damages claim made against it by Michael Terpin, who has argued that misrepresentation by the company led to a 2018 SIM swap hack that robbed him of nearly $24 million in crypto holdings. Terpin has argued that an AT&T employee assured him that 2FA would be used to keep his information private, but that it never actually secured his information. Though the court has dismissed the damages suit, a lawsuit between Terpin and AT&T over compensation for the lost crypto will continue.
Bitcoin Magazine has reported on the legal battle as it developed. You can read more about the original filing here, and about Wright’s decision to block AT&T’s original dismissal here. But the real Bitcoin Rabbit Hole tied to Terpin’s struggle is the larger story of “The Rise Of SIM Swapping: How And Why Bitcoiners Need To Protect Themselves.”
It’s a comprehensive look at the prevalence of SIM swapping, based on an empirical study from Harvard University and Princeton University researchers, and the acute dangers that Bitcoiners face, including an interview with Terpin.
“The study tested the authentication protocol of five major U.S. wireless carriers AT&T, T-Mobile, Tracfone, US Mobile and Verizon. After attempting a SIM swap on 10 different prepaid accounts for each carrier, the authors found that all five carriers used authentication methods which were deemed insecure.”
The article also includes some best practices for protecting your Bitcoin against theft.
For those who want to go even further down the Rabbit Hole, check out our guides on keeping your BTC safe and bitcoin wallets. | 