Cryptocurrency Wallet Hacks
On October 17th, an AT&T customer launched a complaint alleging violations of federal law regarding SIM swapping. SIM swapping is a hacking technique in which the target’s phone number is ported to another device. Once swapped, the hackers attempt to gain access to email accounts, social media accounts, cryptocurrency accounts and any other information they can use to steal the target’s identity. The allegations of the case include logs of conversations between AT&T employees and outside hackers colluding on stealing the plaintiff’s cryptocurrency and how they would spend the alleged USD 1.8 million. Unfortunately, there are far too many stories of firms being targeted for their cryptocurrency accounts. This particular instance happens to be very public with specific, detailed allegations of how the plaintiff’s cryptocurrency was stolen.
Our TokenTax software has indicators for lost or stolen cryptocurrency, and we can also provide guidance for your specific tax situation. Additionally, our affiliate partner ICE Cybersecurity can provide guidance for firms to help prevent data breaches. Please contact us for more information if you need assistance. You can also follow the link below to subscribe to the TokentTax community and subscriber-only content: