Categories LATEST, Technology

Identify theft, crypto fraud: AT&T faces $224 million lawsuit

BitAngels co-founder Michael Terpin has filed a lawsuit against AT&T (T) at Los Angeles District Court, alleging that he was robbed $24 million worth of cryptocurrency in a case of “digital identity theft.” Terpin claims that the theft would not have occurred, had not there been a lapse from the side of his service provider AT&T.

According to the $224 million lawsuit, the California-based plaintiff alleges the theft happened due to “AT&T’s willing cooperation with the hacker, gross negligence, violation of its statutory duties, and failure to adhere to its commitments in its Privacy Policy.” He added that this was the second time his account was being hacked in almost seven months.

at&T crypto fraud
Photo by Icons8 team on Unsplash

As per the complaint, the miscreants got access to his phone number with the help of an insider, using which, they were able to use Terpin’s cryptocurrency account. Terpin added that his phone number was later passed on to an international criminal racket following the robbery.

Meanwhile, the wireless service provided disputed the allegation in a statement, adding it is looking forward to presenting its case in the court.

Related: AT&T buys AppNexus, will compete with Facebook and Google

Terpin is a known figure in the digital currency circles for founding BitAngels, an angel group for bitcoin investors. He also founded the first digital currency fund, BitAngels/Dapps Fund.

AT&T shares were relatively flat at 2:20 PM ET.

Most Popular

Key highlights from Box (BOX) Q4 2021 earnings results

Box Inc. (NYSE: BOX) reported fourth quarter 2021 earnings results today. Revenues rose 8% year-over-year to $198.9 million. GAAP net loss was $4.9 million, or $0.03 per share, compared to

Infographic: Highlights of Hewlett Packard’s (HPE) Q1 2021 earnings report

Technology firm Hewlett Packard Enterprise Company (NYSE: HPE) reported higher earnings for the first quarter of 2021, despite a decrease in revenues. The numbers surpassed the consensus forecast. First-quarter earnings,

MercadoLibre (MELI): Here is a stock to have on your investment radar

MercadoLibre Inc. (NASDAQ: MELI) is one of the stocks that benefited from the COVID-19 pandemic. The Argentine ecommerce company has caught the attention of market experts as it garnered growth

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top