AT&T Sued for $224 Million After Phone Hackers Rob Crypto Investor

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Michael Terpin is suing AT&T, claiming the company’s failure to protect his cellphone data led to hackers stealing $24 million in cryptocurrencies. In a lawsuit filed by Los Angeles litigation firm Greenberg Glusker on August 15, Terpin claimed that AT&T’s employees have been complicit in a SIM swap fraud. In this type of scam, criminals pose as the owners of their victims’ mobile phone numbers, convincing telecom providers to grant them access to their phones. This allows them to access the victim’s accounts at various services, which includes cryptocurrency wallets. The lawsuit claims that Terpin’s account has been hacked twice in seven months, saying “most troubling, AT&T has not improved its protections even though it knows from numerous incidents that some of its employees actively cooperate with hackers in SIM swap frauds by giving hackers direct access to customer information and by overriding AT&T’s security procedures.” Terpin is seeking $23.8 million in compensatory damages