Cryptocurrency investor Michael Terpin sues AT&T for 'permitting $24M theft'

Michel Terpin, an entrepreneur and cryptocurrency investor, has filed a lawsuit against AT&T on 16 counts of fraud, gross negligence, invasion of privacy and other violations. Terpin claims that an AT&T agent stole more than $24 million in cryptocurrency from his cell phone account.

According to a press release, the lawsuit alleges that the agent stole the cryptocurrency and transferred it to an international criminal gang through a SIM swap.

"AT&T's studied indifference to protecting its customers' privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers," said Pierce O’Donnell, senior partner at the Los Angeles-based litigation firm Greenberg Glusker, which is lead counsel for the plaintiff.

"Our client had no idea — [neither] when he initially signed up, nor when later he was promised the highest level of security for his account — that low-level retail employees with access to AT&T records, or people posing as [employees], can be bribed by criminals to override every system that AT&T advertises as unassailable."

The lawsuit claims that, "AT&T does not improve 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."

Topics: Cryptocurrency, Security / Theft

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