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

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.

Terpin emphasized 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.”