After Bitcoin investor and also business owner, Michael Terpin sued AT&T, an US based multinational telecoms business, for $224 million; Dogecoin (DOGE) creator, Jackson Palmer has stepped forward, articulating his point of views against SIM hacking as well as calling it a “dreadful thing”.
Michael Terpin’s loss has distressed cryptocurrency investors like Palmer. Palmer articulated his viewpoint on Twitter via a range of tweets. Discussing SIM hacking, he tweeted: “I undoubtedly sympathize with the people that obtain hacked through SIM hacking, it’s a terrible point that I’m glad is getting eyes on it. At the same time, in fact utilize cryptocurrency as planned would mitigate these attacks completely.”
Dogecoin founder questions trusting centralized exchanges with cryptocurrencies
Pointing out Terpin’s loss, the owner of Dogecoin mentioned that the case is a ‘dig’ at the crypto holders that delegate centralized exchanges with their cryptocurrencies that deserve as high as $24 million. Cryptocurrencies are supposed to maintain central exchanges away as cryptocurrency holders are expected to be their “own bank, without any centralized event holding your tricks”.
His tweet stated: “^ this isn’t a dig at cryptocurrency, it’s a dig at anybody that maintains $24M worth of cryptocurrency on a centralized exchange, beating the whole objective of stated cryptocurrency.”
Palmer stated that it is unanticipated that cryptocurrency millionaires are suffering through same innovation. “… yet you need to appreciate the irony of cryptocurrency millionaires dropping victim to something that the modern technology they advocate for inherently aims to resolve,” Palmer tweeted.
Message for Telecommunications carriers
Palmer sent words of guidance for the telecom service providers. Urging network companies “to get their act with each other”, he likewise asked them to “stop supporting SMS 2FA”.