US entrepreneur and cryptocurrency investor Michael Terpin is suing AT&T for negligence and fraud that he claims resulted in millions of dollars worth of cryptocurrency tokens being stolen from his account. Terpin says AT&T was his mobile carrier when criminals accessed his cellphone account by carrying out SIM swap fraud. They then stole the tokens and allegedly transferred his account to an international criminal gang. Terpin is suing for the $23.8 million and an additional $200 million in punitive damages. AT&T told Reuters in a statement that it disputed these allegations.
SIM hijacking occurs when a phone number is transferred to a different SIM card than the account owner’s without authorization or approval. Having access to a...
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