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I feel for him. But couldn't they reasonably argue they are not a service for securing this kind of thing? If i leave $224m in my car and park it in car park at my local shopping centre are they liable for $224m? I'm not saying they're not liable to some extent.
Earlier quoted context omitted.
It's more he parked it at the dealership, and the dealership made a stranger a spare key to get into the car.
Even more analogously in my opinion: someone walked into the dealer, said "hey, transfer the keyless entry for my car to this fob right here" and they did.
I suspect that metaphors aren't going to really convey this well.
> Have your own guy impersonate you and get your $24 million stolen > Sue At&T for $224 million > ??? > Profit
> Lose all profit.
I’m not sure if he has any legal recourse against AT&T, but it’s another example why sms based 2FA is a bad security scheme, especially if you’re a high value target.
In the US it is trivial to hijack any mobile number's SMS traffic. It takes less than a minute. SMS as 2FA should never ever be used by anyone.
I feel for him. But couldn't they reasonably argue they are not a service for securing this kind of thing? If i leave $224m in my car and park it in car park at my local shopping centre are they liable for $224m? I'm not saying they're not liable to some extent.
he lost $24 million
OK that's even more crazy. I had assumed he lost 224.
1) $200M in punitive damages? The hack occurred in January, and the price has gone down across all cryptocurrencies substantially since then.
2) Was the password hacked? Or did the exchange allow password resets via SMS? (So negligence made 2fa really 1fa) In this situation it seems AT&T would be at most 50% responsible.
Earlier quoted context omitted.
In the US it is trivial to hijack any mobile number's SMS traffic. It takes less than a minute. SMS as 2FA should never ever be used by anyone.
How does it work? Why is it so easy?
If Bank A makes my PIN number automatically the last 4 of my SSN, and Company B discloses that information, is Company B responsible for 9 times whatever losses I incur if my ATM is stolen?