AT&T Is Facing a Lawsuit of $224 Million for Cryptocurrency Robbery

Michaell Terpin, the famous cryptocurrency investor has filed a suit against AT&T for the digital identity theft that have caused him to lose almost 24 million Dollars’ worth of cryptocurrency.

The LA law firm Greenberg Glusker has filed the suit against AT&T on August 15, claiming that this digital theft isn’t possible unless it is an inside job. In digital identity theft incidents, criminals usually acquire access to the victims’ mobile phones by making the telecom providers believe that they are the actual owners of those phones.

As cryptocurrency wallets can be reached via mobile phones, digital identity theives easily empty these wallets after gaining access.

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Since this wasn’t the first hacking incidence of Terpin’s accounts this year, the lawsuit accuses AT&T of not improving its security systems despite of the recurring similar incidents. The lawsuit also implicates that some of the AT&T personnel has been cooperating with the hackers to provide them information grant them access to the victim’s accounts.

The co-founder of BitAngels, Terpin is requesting 200 million Dollars for punitive damages and 23.8 million Dollars for compensatory damages with this lawsuit.

Terpin also claim that AT&T’s issues with protection are old news. They have been accused for similar problems in the past since they cannot provide security for their customers.

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The claimant also alleges that the cooperation between digital identity thieves and AT&T personnel for SIM swap frauds has been established by the law enforcement.

Terpin has stated that “mainstream adoption of cryptocurrency cannot take place as long as phone company employees are handing over critical unauthorized access to the heart of everyone’s digital lives.”

Jim Greer, the AT&T director for corporate communications has stated that they are rejecting such allegations and that they will definitely present a solid case in the court.

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He rejected to provide further information on how they are planning to object to these allegations.