The cryptocurrency investor Michael Terpin claims that he was hacked twice within a year where AT&T employees were behind the SIM swap fraud. AT&T Inc. is an American multinational telecommunication firm.
The recent cryptocurrency hack is due to the company’s failure which was liable to protect his cellphone data. According to Terpin, because his phone was compromised by hackers he lost $24M USD worth of digital assets.
Michael Terpin Blames AT&T for $24M Cryptocurrency Hack
Michael Terpin is the co-founder of BitAngels, which is the career, funding and management company. Terpin is blaming AT&T, the giant communication company for this cryptocurrency fraud.
On 15th August, the long 69-page lawsuit was filed by the Los Angeles litigation firm, Greenberg Glusker. The details say Michael Terpin believes that AT&T employees were behind the SIM swap fraud where he lost the majority of digital assets.
There are many huge telecom services such as Verizon, AT&T, and T-Mobile. That have been accused either by PIN or SIM swap fraud alongside the data breaches. According to Michael Terpin, a person within AT&T Company collaborated with a malicious hacker to accomplish this hack.
Terpin says “most troubling, AT&T has not improved its protections even though it knows from numerous incidents that some of its employees actively cooperate with hackers in SIM swap frauds by giving hackers direct access to customer information and by overriding AT&T’s security procedures.”
According to the suit, Terpin will receive $23.8 million in compensation for the damages of $200 million for penal damages.
The plaintiff claims that “In past incidents, law enforcement also assured that AT&T employees were profited directly from working with cyber terrorists and thefts in SIM swap frauds.”
In a statement, Terpin mentioned that:
“Cryptocurrency mainstream adoption cannot be achieved till the company employees are handling critical unauthorized access of other’s digital lives.”
The AT&T director in charge for corporate communications, Jim Greer said that “we dispute these allegations and always look forward to presenting our case in court.” He also refuses to explain on the company’s objections to the allegations.