AT&T, the telecom giant, is facing a tough time these days as the co-founder of Bitangles, Mr. Michael Terpin has filled a 69-page lengthy lawsuit against the company. The lawsuit states that hackers targeted the co-founder twice, causing him to lose $24 million in cryptocurrencies. He alleges that hackers compromised his mobile phone in the attack and claims that AT&T is allegedly involved in the SIM swap fraud.
The LA-based legal firm Greenberg Glusker filed the lawsuit against AT&T on behalf of Michel Terpin. The legal firm explained that the victim has firm believe that the telecom giant has a significant role to play in this cryptocurrency hack against him as it is not possible to get the mobile details so quickly. Terpin believes that any top-level official helps malicious hacker to steal the digital asset of the people. Now, he wants his $24 million back which he has lost along with the $200 million as penalizing damage.
This is not the first time authorities have charged a telecom company with revealing customer details to unreliable sources. Other market players like T-Zone and Verizon has also faced severe allegations about revelation the data of the user and PIN and SIM swap.
Though AT&T has denied these allegations straightforwardly and cleared its situations in this cryptocurrency hack, much earlier SIM swapping scam makes it case dubious.
Growing Pattern of SIM Swap-Related Cybercrime
Over the years, the New York State Division of Consumer Protection has received numerous similar complaints. Most recently, on July 18, the bureau arrested a man accused of leading a multi-state cyber fraud ring. According to authorities, the gang was responsible for stealing hundreds of thousands of dollars through various cryptocurrency hacks. Interestingly, the first known SIM swap fraud to attract legal attention occurred when a mother caught her own son red-handed, impersonating an AT&T employee while attempting to deceive a potential victim.
