Bitcoin Investor Sues AT&T After Losing $23 Million In SIM Swap Hack [telecom]

An investor is asking AT&T to pay $220 million in damages in the first-ever lawsuit that attempts to hold carriers accountable for port out scams.

A cryptocurrency investor who says he lost $24 million after his phone number was stolen in two hacks wants AT&T to pay him more than $200 million in damages.

Michael Terpin, founder of Transform Group and BitAngels, filed a lawsuit against AT&T on Tuesday. Terpin argues that AT&T didn't do enough to protect his phone number despite the fact that the company was fully aware of the fact that criminals are increasingly targeting cryptocurrency investors by stealing their phone numbers in a fraud commonly known as SIM swapping, SIM hijacking, or "port out scam."

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Bill Horne
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