[PRESS RELEASE – Miami, FL, USA, September 22nd, 2026]
Kaplan Rothstein Prüss Peraza (KRP2), a prominent cybersecurity and data privacy litigation firm, has announced the expansion of its specialized legal practice focused on recovering digital assets lost to SIM swap fraud. The firm is scaling its plaintiff-side litigation efforts across Florida, New York, and California to pursue civil recovery claims against major 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 (2FA). According to the FBI Internet Crime Complaint Center (IC3) annual report, US victims suffered nearly $21 million in losses from SIM swapping in 2025. Furthermore, blockchain analyst ZachXBT documented the theft of over $82 million in SIM swap incidents in 2024, underscoring the severe risk facing retail and institutional investors alike.
As a result of these institutional vulnerabilities, KRP2’s expanded practice provides a direct civil litigation route for victims who have lost cryptocurrency due to a SIM swap attack. Rather than focusing solely on anonymous hackers, the firm targets the corporate entities whose weak identity verification or inadequate account recovery protocols enabled the theft. This litigation model asserts that both telecom providers and cryptocurrency platforms can be held legally accountable under consumer protection, negligence, and data privacy laws when their systemic failures lead to user asset depletion.
Legal precedents increasingly support this institutional liability approach. In a landmark March 2025 arbitration ruling, T-Mobile was ordered to pay $33 million to a customer whose high-security account was breached via a fraudulent SIM transfer, resulting in a massive crypto theft. Globally, judicial bodies are mirroring this stance; India’s Karnataka High Court recently held a major telecom provider liable for negligence following a similar mobile-enabled cybercrime.
To protect claims and ensure evidence preservation immediately following an attack, KRP2 advises victims to take swift action:
- Immediate Carrier Escalation: Report the fraudulent transfer to the mobile carrier to freeze the number and document port-out logs.
- Exchange Lockdown: Notify affected cryptocurrency exchanges to freeze remaining assets, change credentials, and remove SMS-based 2FA.
- Data Preservation: Request and secure all transaction hashes, IP login records, and communication transcripts from both telecom and crypto platforms.
By standardizing recovery protocols across its Miami, New York, and Los Angeles offices, KRP2 aims to bridge the gap between complex blockchain forensics and civil litigation, ensuring that corporations are held financially accountable for infrastructure-level security gaps.
About Kaplan Rothstein Prüss Peraza (KRP2)
Kaplan Rothstein Prüss Peraza (KRP2) is a premier litigation law firm specializing in data privacy, cybersecurity breaches, and digital asset recovery. Operating out of Miami, New York City, and Los Angeles, the firm champions consumer rights by holding major corporations accountable for systemic technical vulnerabilities.
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