KRP2 Sues Telecoms and Exchanges Over SIM Swap Attacks
Kaplan Rothstein Prüss Peraza (KRP2) is expanding its specialized SIM swap crypto recovery litigation practice across major US jurisdictions, including Florida, New York, and California. The firm's efforts focus on pursuing civil recovery claims against telecommunications carriers and cryptocurrency exchanges that fail to protect user accounts from preventable security breaches.
SIM swap attacks occur when malicious actors exploit vulnerabilities in mobile carrier verification processes to hijack a victim's phone number, allowing them to bypass SMS-based two-factor authentication. According to the FBI Internet Crime Complaint Center (IC3), US victims suffered nearly $21 million in losses from SIM swapping in 2025.
The firm targets corporate entities whose weak identity verification or inadequate account recovery protocols enabled the theft, and asserts that both telecom providers and cryptocurrency platforms can be held legally accountable under consumer protection, negligence, and data privacy laws. A landmark March 2025 arbitration ruling against T-Mobile ordered the company to pay $33 million to a customer whose high-security account was breached via a fraudulent SIM transfer.