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Plaintiff in AT&T SIM-Swapping Case Sues ‘Bitcoin Bandit’ for $81M

January 19, 2019 |

Plaintiff in AT&T SIM-Swapping Case Sues ‘Bitcoin Bandit’ for $  81M

The plaintiff in a $ 224M lawsuit against wireless carrier AT&T has turned his attention to a new target. Michael Terpin’s legal team have filed a second suit, this time against 21-year-old Nicholas Truglia, dubbed the “bitcoin bandit” by the New York press. The Manhattan resident, who was arrested on unrelated SIM-swapping charges in November, now finds himself the target of an $ 81 million suit that seeks to invoke the RICO Act and land the fresh-faced defendant with a racketeering charge into the bargain.

Also read: Report: Bitcoin Use on Darknet Markets Doubled in 2018

Bitcoin Bandit Faces Fresh Legal Woe

Plaintiff in AT&T SIM-Swapping Case Sues ‘Bitcoin Bandit’ for $  81M
Nicholas Truglia

Michael Terpin’s recent lawsuit, filed in the Superior Court of California on Dec. 28, 2018, names the defendant he believes responsible for stealing his cryptocurrency through a social engineering attack. Terpin has been fighting an ongoing battle against network operator AT&T for its complicity in facilitating the unauthorized transfer of his cell number to the thief’s handset. The incident enabled the attacker, who Terpin believes to be Nicholas Truglia, to steal $ 24 million worth of cryptocurrency.

In December, news.Bitcoin.com reported on Truglia’s extradition to California to face charges of stealing $ 1 million of cryptocurrency through SIM swapping, noting that “high profile figures Truglia is accused of targeting in this manner include Saswata Basu, CEO of 0Chain, and Gabrielle Katsnelson, co-founder of SMBX.” This week, Michael Terpin shared his reasons for filing the latest suit with news.Bitcoin.com.

When asked whether the $ 81 million RICO Act conversion and racketeering charge against Truglia would affect the ongoing suit against AT&T in any way, Terpin noted that the two cases are independent actions, but “we expect to obtain evidence in this suit that will bolster our claims against AT&T. Naturally, any funds we would recover from this suit may adjust the amount of primary damages we can be rewarded against AT&T, but much of our claim against them is for punitive damages.”

Plaintiff in AT&T SIM-Swapping Case Sues ‘Bitcoin Bandit’ for $  81M

$ 60 Million in Crypto on Two Trezors

A trove of documents filed by Terpin’s lawyers, Greenberg Glusker, outlines a compelling prima facie case against the so-called bitcoin bandit. This includes a former friend of the 21-year-old, providing a statement in which he recalls that “Nick [Truglia] showed me two thumb drives (Trezors). One had over $ 40 million in cash value of various cryptos, and the other one had over $ 20 million cash value of various cryptos.”

Plaintiff in AT&T SIM-Swapping Case Sues ‘Bitcoin Bandit’ for $  81MMichael Terpin is seeking for the devices to be confiscated via a court order to recover cryptocurrency worth close to $ 24 million – the amount stolen from the plaintiff last year. Terpin reiterated to news.Bitcoin.com his belief that Truglia still has the hardware wallets he was allegedly showing off, noting that his lawyers “are diligently using subpoenas to locate these funds.”

When asked whether he would reach a settlement with Nicholas Truglia, lifting the RICO Act charges and the $ 81 million being sought in damages in return for recouping his stolen cryptocurrency, Terpin confirmed that he would “consider this a good outcome.” Truglia remains in custody on a $ 1.4 million bond, pending another court appearance on April 10 on unrelated SIM-swapping charges.

Do you think Michael Terpin will be successful in his lawsuit against Nicholas Truglia? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Plaintiff in AT&T SIM-Swapping Case Sues ‘Bitcoin Bandit’ for $ 81M appeared first on Bitcoin News.

Bitcoin News

AT&T Plans 3-Tiered WarnerMedia Streaming Service to Take On Netflix

November 30, 2018 |

AT&T, trying to reassure investors it can capitalize on its big acquisition of Time Warner, plans to offer three versions of a new streaming video service next year that will feature original movies and television series from Warner Bros., Turner and HBO.
WSJ.com: US Business

Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack

August 16, 2018 |

Bitangels Co-Founder Sues AT&T for $  224 Million Over Cryptocurrency Hack

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.

Also read: Fivebucks.com: Meet the Freelancer’s Marketplace Powered by Bitcoin Cash

$ 24 Million in Digital Assets Stolen: Michael Terpin Blames AT&T

Bitangels Co-Founder Sues AT&T for $  224 Million Over Cryptocurrency Hack
Michael Terpin

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.”

Bitangels Co-Founder Sues AT&T for $  224 Million Over Cryptocurrency Hack

Failure to Adhere to Privacy Commitments

Bitangels Co-Founder Sues AT&T for $  224 Million Over Cryptocurrency HackNot 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.

Terpin emphasizes in the complaint that he lost millions because, “AT&T’s willing cooperation with the hacker, gross negligence, violation of its statutory duties, and failure to adhere to its commitments in its Privacy Policy.”

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.

Bitcoin News

AT&T Offsets Losses at DirecTV With Gains in Wireless, Warner

July 24, 2018 |

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.
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July 13, 2018 |

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.
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AT&T is raising an obscure fee to make an extra $970 million a year, analyst says

June 30, 2018 |

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.

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June 26, 2018 |

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.

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June 19, 2018 |

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AT&T completes purchase of Time Warner, ushering in new era for Warner Bros., CNN and HBO

June 15, 2018 |

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…


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