PRINTPDF

Cryptocurrency investor robbed via his cellphone account sues AT&T for $224 million over loss

August 15, 2018Article
CNBC

A U.S. investor filed a $224 million lawsuit against AT&T on Wednesday, accusing the telecommunications giant of negligence that allegedly caused the California resident to lose roughly $24 million in cryptocurrency.

In a 69-page complaint filed in U.S. District Court in Los Angeles, Michael Terpin claimed that because of "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 lost nearly $24 million worth of cryptocurrency.

Terpin, who was using AT&T as his service provider, said the digital tokens were stolen through a "digital identity theft" of his cellphone account. Terpin was the victim of two hacks within seven months.

Resources