• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers

Multi-Million Dollar AT&T Crypto Theft Lawsuit Progresses

Martin Young by Martin Young
4 years ago
in Cryptocurrency Market News
Reading Time: 2 mins read

A lawsuit involving stolen crypto and one of America’s largest mobile carriers is moving forward. The $224 million suit involved digital identity theft which resulted in one customer losing s substantial amount of cryptocurrency last year.

AT&T Blamed For SIM Swap Fraud

A Los Angeles federal judge rejected the telecoms giant’s request to have the lawsuit dismissed. The plaintiff, Michael Terpin, filed the 69 page complaint almost a year ago. According to CNBC, Terpin is seeking $200 million in punitive damages, and $24 million of compensatory damages from AT&T for his lost cryptocurrency.

AT&T has been accused of willing cooperation with the hacker, gross negligence, violation of its statutory duties, and failure to adhere to its own privacy policy. Lead counsel for the litigant, Pierce O’Donnell, stated:

“The evidence will show that AT&T not once, but twice allowed hackers posing as Michael to obtain his SIM card,”

Terpin is no crypto newbie having co-founded an angel group for Bitcoin investors called BitAngels in 2013. He claims to have been the victim of two hacks in seven months, both using AT&T which he alleges colluded with the perpetrators through insider information on his account.

The incursions were carried out through a method called SIM swapping whereby cyber criminals steal user’s phone numbers in order to log in to their crypto wallets and accounts. In this case the access was gained without AT&T staff requiring the hacker to show proof of identification or provide a valid password. Terpin stated:

“What AT&T did was like a hotel giving a thief with a fake ID a room key and a key to the room safe to steal jewelry in the safe from the rightful owner,”

Cyber security experts are advising those that deal with cryptocurrencies using their phones to guard the number the same way as they would a password or key phrase. The safest method of crypto storage is still a cold wallet as hacking methods become more sophisticated.

Crypto Hacking Still a Curse

According to American cyber security company CipherTrace, crypto exchange hacking is also still a scourge with exchanges already having lost $1.2 billion in the January-March period this year. The majority of this loot had been lifted from exchange based hot wallets, similar to those accessed in the AT&T case. Three Asian exchanges, Binance, Bitpoint, and Bitrue, have fallen victim to hackers so far this year.

The rejection of AT&T’s attempt at dismissal is good news for crypto security as a whole and will have a greater impact if the plaintiff is awarded any damages as a result of negligence on the security front from one of the world’s largest telecoms companies.

Image from Shutterstock
Tags: AT&Tcryptohackinglawsuittheft
Tweet123Share216ShareSend
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

Polkadot

Polkadot Metrics Surge With Project Launches – Good News For DOT Price?

3 hours ago
Shiba Inu

Shiba Inu Hits Crucial Barrier – How This May Impact Investor Sentiment

5 hours ago
Cardano Ada cryptocurrency coin close-up, in front of a price chart

Cardano (ADA) Declines As Market Recovers Amid Security Charges

13 hours ago
The Future of Tokenization: Exploring HedgeUp (HDUP),  Ripple (XRP), and Ethereum (ETH)

The Future of Tokenization: Exploring HedgeUp (HDUP), Ripple (XRP), and Ethereum (ETH)

19 hours ago
Investing Strategies for HedgeUp (HDUP): Long-Term Hold or Short-Term Trading?

Investing Strategies for HedgeUp (HDUP): Long-Term Hold or Short-Term Trading?

20 hours ago
HedgeUp Smashes Stage 3 of Presale While Shiba Inu Faces Challenges Amid Market Volatility

HedgeUp Smashes Stage 3 of Presale While Shiba Inu Faces Challenges Amid Market Volatility

20 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    1 week ago
  • Willing to buy new crypto: Here are the best 10...

    1 week ago
  • Best Crypto Meme Coin Presales in 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • The Game Changer: Chris Cashwell’s Firechain Network...

    2 hours ago
  • Price Prediction: Uwerx (WERX), Pepe (PEPE), And Chainlink...

    4 hours ago
  • Trust Wallet | Everything You Need To Know About It

    5 hours ago
  • Could CHANCER Be a Better Investment Option Than Stocks...

    5 hours ago
  • TMS Network (TMSN) Remains Investors’ Favorite ,Avalanche...

    5 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.