Verizon Stock Dips on FCC Unlock Rule Change Amid Fraud Concerns
Verizon shares fell 2% after the FCC eliminated its 60-day automatic device unlocking mandate, a policy that had made the carrier uniquely vulnerable to fraud. The telecom giant reported 785,000 devices lost to criminal networks in 2023 alone, with losses exceeding nine figures.
Security-focused crypto projects like METIS and SAGA could benefit as carriers ramp up anti-fraud expenditures. The FCC's MOVE disrupts black market supply chains that often liquidate stolen devices for crypto on platforms like Binance or Bybit.
Market observers note parallel trends in DeFi, where projects like ETHFI and ENA are developing similar identity verification protocols to combat wallet draining scams. This regulatory shift may accelerate institutional adoption of blockchain-based device authentication solutions.
