US entrepreneur and cryptocurrency investor Michael Terpin is suing AT&T for negligence and fraud that he claims resulted in tens of millions of {dollars} price of cryptocurrency tokens being stolen from his account. Terpin says AT&T was his cellular service when criminals accessed his cellphone account by finishing up SIM swap fraud. They then stole the tokens and allegedly transferred his account to a world prison gang. Terpin is suing for the $23.eight million and an extra $200 million in punitive damages. AT&T instructed Reuters in an announcement that it disputed these allegations.

SIM hijacking happens when a cellphone quantity is transferred to a special SIM card than the account proprietor’s with out authorization or approval. Gaining access to a cellphone quantity is a really helpful technique of hijacking different digital accounts. Motherboard did an amazing rundown on the rising menace. The stolen cellphone quantity was used to hack Terpin’s account, and on January seventh, three million cryptocurrency tokens price (on the time) $23.eight million had been stolen. The criticism doesn’t specify which sorts of cryptocurrency Terpin had, however provided that costs have fallen since January, the stolen tokens are seemingly price far much less now.

The criticism reads: “what AT&T did was like a resort giving a thief with a pretend ID a room key and a key to the room secure to steal jewellery within the secure from the rightful proprietor.” SIM card fraud that targets homeowners holding massive quantities of cryptocurrency is an actual phenomenon that US authorities have needed to cope with in latest months.

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