The large telecom firm AT&T was sued by Michael Terpin, the cryptocurrency investor and co-founder of Bitangels. The reason being that his mobile was compromised by hackers who stole $24M USD worth of digital assets. According to Terpin, he was hacked twice in less than a year and AT&T employees took part in a SIM swap fraud.
The LA-based law firm Greenberg Glusker filed a 69-page lawsuit in which it is being detailed that Trepin believes AT&T employees were involved in a SIM swap fraud, and as a result, he lost a large number of digital assets. This is not the first time that such a major telecom service is accused of PIN and SIM swap fraud and alleged data breaches. Verizon and T-Mobile have faced such accusations before. Terpin believes that an “insider” from AT&T cooperated with a malicious hacker.
The complaint reads: “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.”
Following an email statement, AT&T said that they dispute the allegations” and they “look forward to presenting their case in court.”
Terpin ants his $24 million back and $200 million in punitive damages. He says within pages of the lawsuit that AT&T’s personnel have been accused of SIM swapping fraud in “numerous incidents.” AT&T has had a lot of complaints in the past about SIM sapping transgressions, but they deny any involvement whether direct or indirect in the latest fraud on Trepin’s mobile.