AT&T Sued for $224 Million for Negligence In Case of Cryptocurrency Theft

AT&T Sued for $224 Million for Negligence In Case of Cryptocurrency Theft
фото показано с : blokt.com

2018-8-17 17:42

Reports of cryptocurrency thefts have been no stranger to our news feeds of late. In one of the latest cases, the investor is suing his cellphone provider. After having reportedly lost $24 million in digital coins, the investor is suing AT&T for a whopping $224 million citing negligence. Amidst other claims, he said AT&T willingly cooperated with the hacker in violation of its statutory duties.

Did AT&T Neglect Its Responsibilities?

Michael Terpin, a California resident, filed a 69-page complaint with the US District Court in Los Angeles, claiming that “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” caused him to lose nearly $24 million in cryptocurrency.

The claim is that the theft occurred because of SIM swap fraud,  where the ownership of the phone number is transferred to another person (in this case, the thief).  They can then use it to reset the subscriber’s passwords to access accounts; where 2-factor authentication via SMS has been enabled.

When the theft occurred, Terpin was an AT&T customer and he claimed that the hacker obtained his phone number with the assistance of an AT&T employee without asking for valid identification or password. His phone number was later used to access his cryptocurrency accounts.

He added:

“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.”

How Did the Cellphone Carrier Respond?

Terpin is the co-founder of an angel group for Bitcoin investors called BitAngels, which was established in 2013. He also has a digital currency fund called BitAngels/Dapps Fund, founded in March 2014, and is a senior advisor in Alphabit Fund, one of the largest digital currency hedge funds in the world.

AT&T is not convinced of Terpin’s claims and have responded to the claims in an email, stating:

“We dispute these allegations and look forward to presenting our case in court.”

The complaint also states that law enforcers had previously contacted AT&T regarding similar frauds.

AT&T Sued for $224 Million for Negligence In Case of Cryptocurrency Theft was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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