Bitcoin investor Michael Terpin has filed legal charges against telecom giant AT&T over multiple counts of fraud, invasion of privacy, and gross negligence, which resulted in the loss of over $24 million in cryptocurrency.
In a 69-page complaint filed in U.S. District Court in Los Angeles, Terpin accused AT&T of “digital identity theft,” alleging that an AT&T agent stole his cryptocurrency holdings and subsequently wired it to an international criminal mob using through a SIM swap.
As stated by the plaintiff’s legal representative Pierce O’Donnell in a release published August 15:
“AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers.“
O’Donnell went on adding that:
“Our client had no idea — [neither] when he initially signed up, nor when later he was promised the highest level of security for his account — that low-level retail employees with access to AT&T records, or people posing as [employees], can be bribed by criminals to override every system that AT&T advertises as unassailable.”
As cited in the lawsuit:
“AT&T does not improve 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.”
In response to the plaintiff’s allegations, AT&T subsequently sent an email saying:
“We dispute these allegations and look forward to presenting our case in court.”