Caitlin Long, founder and CEO of Avanti Financial, is asking crypto users and others to testify in support of a piece of legislation that could help stop SIM swap attacks.
In a tweet Posted Today, Long asked one of her 70,500 followers who had been victims of a SIM swap to testify before the Wyoming legislature on Dec. 16. According to the Wyoming State Legislature website, the CEO of Avanti join members of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology online to discuss the issue of SIM swaps. Also in attendance will be Joel Revill, the CEO of Wyoming-based company Two Ocean Trust, recently receive regulatory approval to preserve digital assets.
– Caitlin Long (@CaitlinLong_) December 3, 2020
According to the legislature’s website, bill HBO204, entitled SIM card identity protection, died on commission but has since been returned to Wyoming State House under the rules. The legislation would make it illegal for telecommunications companies to “not take reasonable steps” to prevent SIM swaps.
Long told Cointelegraph that telecom company lobbyists “killed” the sim swap bill last year, but the committee was working to revive it based on new developments.
“A sim swap was part of the infamous Twitter hack in July, so this is no longer just a problem for the crypto industry,” Long said. “It ties in nicely with other work that the Select Committee is doing this year in the field of digital identity.”
Several victims of expensive or invasive SIM swap attacks responded to Long on Twitter, saying they would be willing to appear virtually at the Wyoming State House.
Adam Pokornicky, Chief Operating Officer at Digital Asset Investment Management, a US Registered Investment Advisor for digital assets, said he would “testify 100%” about his hacking experience in June 2017. The COO reported when his email and financial accounts were compromised after hackers impersonated him at Verizon customer service.
“Irresponsible that telcos have not taken meaningful steps to address this problem and regulators step in”, said Pokornicky.
Natalie Smolenski, a consultant for the Texas Blockchain Council, also stated that she would be willing to speak to the committee about her experience with exchanging SIM cards. She was joined by Brittany Kaiser, a whistleblower for the Cambridge Analytica data mining scandal and co-founder of the Own Your Data Foundation, an organization that provides training in digital literacy.
One of the more expensive SIM swap attacks in the crypto space happened with Michael Terpin, a blockchain and crypto investor who sued AT&T last August after a hacker stole nearly $ 24 million value of tokens. Terpin has since won $ 75.8 million in compensatory and punitive damages against 21-year-old hacker Nicholas Truglia, who arrested in California in 2018 about an unrelated sim swap attack.