AT&T Sued for Facilitating $24 Million Cryptocurrency Theft
- The lawsuit described the case as an example of classic identity theft.
Telecommunications company AT&T found itself on the end of a lawsuit this week after a customer accused it of allowing hackers to swap his SIM card, in what appears to be an elaborate scheme by fraudsters. The security breach resulted in the theft of cryptocurrency worth millions of dollars.
Michael Terpin, a serial cryptocurrency entrepreneur and technology Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term extraordinaire, claimed that the AT&T’s lack of security allowed hackers to enter his wireless account on January 7, 2018, and steal crypto coins worth roughly $24 million.
Terpin is the founder of Marketwired, currently the world’s third-largest company newswire. His cryptocurrency endeavors include the first angel group for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term investments, BitAngels, as well as Bitcoin Syndicate, and CoinAgenda. His PR firm, Transform, also works with cryptocurrency-linked companies and other tech companies.
It is unclear exactly how the thieves replaced Terpin’s mobile SIM, but the lawsuit suggests they impersonated him to AT&T’s customer-service agents and requested that the phone number be transferred to their own device.
The carrier was at fault here
Once the thieves had access to his phone number, they were able to request a password change and reset the security on many of his accounts, effectively locking him out, he said. The hackers also changed the password on his cryptocurrency account and initiated the transfer of digital assets to their own wallets.
The suit goes on to attribute the incident to "AT&T's willing cooperation with the hacker, gross negligence, violation of its statutory duties, and failure to adhere to its commitments in its Privacy Policy.”
"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," the complaint alleged.
The lawsuit described the case as an example of classic identity theft, in which hackers gained access to sensitive financial information by stealing personal data. The plaintiff is seeking damages and injunctive relief, claiming that the company was at fault and thus should pay him $224 million of compensation.
Telecommunications company AT&T found itself on the end of a lawsuit this week after a customer accused it of allowing hackers to swap his SIM card, in what appears to be an elaborate scheme by fraudsters. The security breach resulted in the theft of cryptocurrency worth millions of dollars.
Michael Terpin, a serial cryptocurrency entrepreneur and technology Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term extraordinaire, claimed that the AT&T’s lack of security allowed hackers to enter his wireless account on January 7, 2018, and steal crypto coins worth roughly $24 million.
Terpin is the founder of Marketwired, currently the world’s third-largest company newswire. His cryptocurrency endeavors include the first angel group for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term investments, BitAngels, as well as Bitcoin Syndicate, and CoinAgenda. His PR firm, Transform, also works with cryptocurrency-linked companies and other tech companies.
It is unclear exactly how the thieves replaced Terpin’s mobile SIM, but the lawsuit suggests they impersonated him to AT&T’s customer-service agents and requested that the phone number be transferred to their own device.
The carrier was at fault here
Once the thieves had access to his phone number, they were able to request a password change and reset the security on many of his accounts, effectively locking him out, he said. The hackers also changed the password on his cryptocurrency account and initiated the transfer of digital assets to their own wallets.
The suit goes on to attribute the incident to "AT&T's willing cooperation with the hacker, gross negligence, violation of its statutory duties, and failure to adhere to its commitments in its Privacy Policy.”
"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," the complaint alleged.
The lawsuit described the case as an example of classic identity theft, in which hackers gained access to sensitive financial information by stealing personal data. The plaintiff is seeking damages and injunctive relief, claiming that the company was at fault and thus should pay him $224 million of compensation.