Michael Terpin, a Bitcoin investor, has recently filed a lawsuit against the multinational telecommunications giant AT&T after he lost cryptocurrency worth $24 million in a mobile-based hack. The plaintiff has allegedly accused the company of this loss, as reported by CNBC.

Terpin, a resident of California and co-founder of BitAngels- an angel group for bitcoin investors, holds AT&T responsible for the hack as he believes that it’s the cellular data provider’s negligence that has caused this. He has filed a 69-page long complaint in U.S. District Court, Los Angeles for $224 million. Terpin is seeking compensatory damages worth $24 million along with punitive damages amounting to $200 million.

The investor said that his crypto tokens got stolen because of digital identity theft of his AT&T registered cell phone account. The account was first hacked seven months back as alleged by Terpin after a fraudster got hold of his phone number without an AT&T employee enquiring about a valid password or identification. He has further claimed that it was an “insider cooperating with the hacker” that made the theft possible.

“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,” Terpin added. He said that this negligence was equivalent to a hotel providing a thief carrying fake ID access to a room “to steal jewellery in the safe from the rightful owner.”

Terpin also tweeted that AT&T needs to be sued for “fraud and gross negligence” by allowing imposters to swap SIM cards. As a reply to all these accusations by the crypto investor, AT&T stated in an email that they “dispute these allegations” and look forward to presenting their case in the court.

Karen Peralta

Karen Peralta has an extensive background in Training. She is a Communication and Process Trainer by profession, consistently awarded by the companies she had supported: Sutherland, Alorica and Concentrix. She started as a freelance writer for Coinedict and climbed her way to becoming Consultant Content Manager due to her strong enthusiasm in blockchain.

Karen Peralta

Karen Peralta has an extensive background in Training. She is a Communication and Process Trainer by profession, consistently awarded by the companies she had supported: Sutherland, Alorica and Concentrix. She started as a freelance writer for Coinedict and climbed her way to becoming Consultant Content Manager due to her strong enthusiasm in blockchain.