AT&T Archives -
The cryptocurrency investor Michael Terpin is suing the large telecom firm AT&T because his mobile phone was compromised by hackers who stole $ 24M USD worth of digital assets. Terpin says he was hacked twice in less than a year and employees at AT&T participated in a SIM swap fraud.
$ 24 Million in Digital Assets Stolen: Michael Terpin Blames AT&T
Michael Terpin the co-founder of Bitangels says he lost close to $ 24 million in cryptocurrencies, and he’s blaming the giant communications company AT&T. The 69-page lawsuit filed by the LA-based law firm Greenberg Glusker details that Terpin believes AT&T employees were involved in a SIM swap fraud which cost him the loss of a large number of digital assets. Major telecom services like AT&T, Verizon, and T-Mobile have all been accused of PIN and SIM swap fraud alongside alleged data breaches. According to Terpin an “insider” from AT&T cooperated with a malicious hacker.
“What AT&T did was like a hotel giving a thief with a fake ID a room key and a key to the room safe to steal jewelry in the safe from the rightful owner,” the complaint reads.
According to an email statement, AT&T says they “dispute the allegations” and they “look forward to presenting their case in court.”
Failure to Adhere to Privacy Commitments
Not only does Terpin want his $ 24 million back but the investor also wants $ 200M in punitive damages. Terpin says within pages of the lawsuit that AT&T’s personnel have been accused of SIM swapping fraud in “numerous incidents.” Even though AT&T denies any wrongdoing in this specific case the telecom firm has had a lot of complaints about SIM swap transgressions in the past.
For instance, the New York State Division of Consumer Protection has issued a warning specifically about an “AT&T SIM-card switch scam.” On July 18, 2018, authorities arrested a man from Florida who was allegedly in charge of a giant “multi-state cyber fraud ring” that stole hundreds of thousands of dollars worth of cryptocurrencies. Police say they first heard about the SIM-card gang when a Mom from Michigan caught her son on the phone pretending to be an AT&T employee.
What do you think about Michael Terpin suing AT&T for $ 224M? Let us know your thoughts on this subject in the comment section below.
Images via Pixabay, Shutterstock, and Twitter.
Need to calculate your bitcoin holdings? Check our tools section.
The post Bitangels Co-Founder Sues AT&T for $ 224 Million Over Cryptocurrency Hack appeared first on Bitcoin News.
AT&T Inc. strengthened its second-quarter earnings with more profitable cellphone accounts and a windfall from Time Warner helping to offset steep losses in its satellite television business.
WSJ.com: US Business
AT&T chief Randall Stephenson said his company won’t alter its plans for running Time Warner’s media assets despite a Justice Department appeal.
WSJ.com: US Business
AT&T Inc.’s wireless customers are expected to pay almost $ 1 billion more every year to the company after AT&T increased a monthly “administrative fee” this spring in a move that went largely unnoticed, according to an industry analyst.
The analyst, Walt Piecyk of BTIG, initially estimated that…
AT&T Inc. agreed to buy online ad exchange AppNexus as Chief Executive Randall Stephenson aims to turn the TV-and-wireless giant into a media conglomerate after its $ 85-billion acquisition of Time Warner Inc.
AppNexus, which runs a global advertising marketplace that matches ads to users’ viewing…
Verizon and AT&T have pledged to stop providing information on phone owners’ locations to data brokers, stepping back from a business practice that has drawn criticism for endangering privacy.
The data has apparently allowed outside companies to pinpoint the location of wireless devices without…
Time Warner Inc. is no more.
Late Thursday, AT&T Inc. announced that it completed its $ 85-billion acquisition of Time Warner Inc., just two days after a federal judge in Washington gave the deal the green light. AT&T wasted little time consolidating its hard-fought prize — a blockbuster purchase…
AT&T completed its purchase of Time Warner Inc., hours after the Department of Justice decided not to request a legal delay while antitrust officials consider whether to appeal their court defeat.
WSJ.com: US Business
A federal judge Tuesday cleared the way for AT&T Inc.’s $ 85.4-billion purchase of Time Warner Inc., creating an entertainment colossus that promises to reshape the media business.
U.S. District Judge Richard Leon’s ruling in the biggest antitrust case of the century is expected to pave the way…