On March 30, law firm Greenberg Glusker announced today that it won a $33 million arbitration ruling against telecom giant T-Mobile, saying the result is a key milestone in holding telecom operators accountable for theft of cryptocurrencies related to SIM card exchanges. According to Greenberg Glusker, the arbitration team found T-Mobile responsible for its “multiple security mistakes that allowed SIM card exchange attacks to occur and resulted in theft of cryptocurrencies.”

The final amount, including attorney fees, interest and costs over $6.5 million, has been paid in full by T-Mobile. Greenberg Glusker has filed a petition in the Los Angeles Superior Court to confirm the ruling and make details of the case public. The law firm highlights the scale and importance of this result. "This is the largest SIM card exchange decision known and an important victory for mobile phone consumers," said Pierce O'Donnell, the lawyer for Greenberg Glusker, who led the cross-challenge during the arbitration.

The firm stressed that its litigation team — composed of O’Donnell, Paul Blechner, James Molen and Eric Sefton — demonstrated T-Mobile’s long-term failure to address known security vulnerabilities.

"This is a great result for our customers and mobile phone users around the world. SIM swap has been an uncontrolled security breach for years. Operators like T-Mobile have known about this issue long ago but have failed to take basic precautions. The ruling shows that they have to do better."