Man sues his phone company for $224m over cryptocurrency theft

Michael Terpin is demanding $224m from AT&T, over a $24m cryptocurrency theft…

Notable cryptocurrency investor Michael Terpin has confirmed via his Twitter feed that he’s suing telecoms and communications firm AT&T for fraud and gross negligence, over a SIM swapping scam that led to the theft of cryptocurrency from his account.

Terpin’s legal representatives filed a complaint with the US District Court in Los Angeles, about the theft that occurred on January 7th of this year. Cryptocurrency worth $23.8m was stolen from Terpin, and he’s added $200m in punitive damages to what he’s after.

Terpin was apparently the victim of a ‘SIM swap’ (whereby a phone number is moved to a different SIM card, without consent), that saw hackers access his account and transfer his cryptocurrency. Terpin alleges negligence and fraud on AT&T’s part, with his lawsuit arguing that “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”.

AT&T has quickly rebuffed the allegations, however. In a statement, it said that “we dispute these allegations and look forward to presenting our case in court”.

Terpin was the co-founder of BitAngels in 2013, and has been a prominent cryptocurrency investor.

This particular lawsuit continues, and we’ll bring you updates as we get them.

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