Bittrex hacked using SIM swap and lost 100 BTC

Posted 04 November, 2019

Seattle-based venture capitalist Gregg Bennett sued the Bittrex cryptocurrency exchange sued over a SIM swap-related incident that allowed hackers to steal 100 Bitcoin (BTC), which are valued at around $1 million at current market prices.

As per the report, the hacker attacked a high profile victim’s mobile phone and then by seizing it did a SIM swap from cellular carrier AT&T, After taking the control on the victim’s online identity, the hacker stole the bitcoins from the Bittrex exchange.

Now, Bennett has filed a million-dollar lawsuit against Bittrex in King County Superior Court, Washington state. He alleging that Bittrex violated its own published security protocols and ignored industry standards, missing the chance to stop the high-stakes burglary. Bittrex ignored and did not comment on anything on Gregg Bennett especially.

The Department of Financial Institutions, the financial legal examiner for the Washington state regulator that addresses complaints from consumers, stated that Bittrex failed to “take reasonable steps to respond”.

The injured investor indicated that the SIM swap hack happened via the cellular services of AT&T. And within two hours it drained Bennett’s account into an anonymous one. Bennett believes that the exchange was obliged to pay attention to this.

Bennett did not file a lawsuit against the mobile operator, AT&T, but he intends to do so. Since not only the PIN code was changed in his account, but also other data, including the social security number, Bennett suspects that AT&T employees are involved in the hacking.

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