Investor Sues AT&T after Losing $24M in Crypto
A US cryptocurrency investor filed a complaint against his cell phone service provider AT&T citing security issues that made him lose cryptocurrency worth USD 24 million.
Terpin brought serious accusations to the phone service company and to at least one of its employees. He claimed that ”insider cooperation with the hacker” occurred after a store employee gave his phone number without first checking the person’s identity or asking for any of his private information.
The complaint then states that the hacker used his number to break into his cryptocurrency accounts and likens the situation to a hotel giving a thief with a fake ID the key to a room and the safe.
The plaintiff hopes to receive in the lawsuit a $ 200 million payment for retributive damage and $ 24 million as compensation for the damages done.
AT&T responded to the allegations with the following statement: “We dispute these allegations and look forward to presenting our case in court.”
It is possible that Terpin may have been targeted by hackers looking for a quick profit due to his involvement in the cryptocurrency industry. He is to co-founder of Bitcoin angel investor group BitAngels, in addition to the BitAngels/Dapps Fund, established back in 2013.
A greater focus on better security has been greatly discussed this year, as many breaches and hacks have been taking place across the crypto industry, although in this particular case it seems that only AT&T is to blame.