If you are using text/phone based authentication for crypto o just anything sensitive whether it's a financial account or some random E-mail account you should seriously think about changing things up. If you are going to use your SIM for authentication or password rest, at least make sure you are exclusively using it for throwaway accounts or accounts without much value to them.
The story of Seth Shapiro is tragic. The guy was a fellow crypto investor and he was in AT&T trying to get the company to intervene as the hackers were taking away his life savings. $1.8 million worth of cryptocurrency could have been a lot more in the future. Maybe we just lost ourselves a future billionaire.
Make security one of your biggest priorities and use apps such as Authy which are easy to use for any noob but provide a lot better level of security. If not your business or rading profits could be under a major risk. Let's hope Seth will at least e able to get $1.8 million in compensation :)
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This probably happened because AT&T didn't have a SOP to handle events like this. It is good that they are being sued,. It would raise awareness among the other telcos to put appropriate procedures in place.