US Judge rules that crypto investor’s case against AT&T over SIM swap hack is valid

posted 4 months ago
Cryptocurrency investor Michael Terpin can move forward with his case against mobile operator AT&T for a SIM-swap hack that robbed him of $24 million worth of funds. Terpin initiated the case against AT&T alleging that an employee had been bribed by a "criminal gang" to assist the fraud, which passed control of the investor's SIM card to the hackers. In the latest document from the case, a California Judge denied much of AT&T's most recent motion to dismiss the case.

The courts have now found 'proximate cause' between AT&T’s conduct and the theft which connects how granting the hackers/fraudsters access to his phone number resulted in him losing $24 million. The Judge also stated Terpin was required to share personal information with AT&T "with the understanding that AT&T would adequately protect it." Terpin is suing AT&T for $23.8 million in compensation, as well as $200 million in punitive damages. Terpin plans to demonstrate "how AT&T was both knowledgeable of, and responsible for, an ongoing sequence of cryptocurrency thefts due to SIM swaps…”
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