The world’s largest telecommunications companies in the world, AT&T, is getting a lawsuit for $224 million-suit form a Bitcoin investor, according to whom, he lost a considerable amount of money due to AT&T’s negligence.
Michael Terpin is now suing AT&T for $24 million, because, in his, opinion, the mobile provider has “allowed” a hacker to steal his account for his mobile phone and get to his cryptocurrency holdings.
Terpin is actually a prominent entrepreneur and cryptocurrency enthusiast, who is the founder of Dapps venture Fund, as reported by CCN.
The hacker was able to steal his account by using the infamous technique of impersonation, where a person is pretending to be you and steals your sensitive data. Terpin now believes that a sidekick of the hacker walked into an AT&T store and pretended to be Terpin. The major issue here is that the AT&T employee has apparently not asked for a valid identification and Terpin’s cell phone account was easily hacked.
The amount that Terpin is suing for is staggering. In addition to the stolen $24 million, he is also suing for punitive damages in the amount of $200 million. He considers AT&T to have been negligent to an extreme extent, by not asking for a valid ID and giving his PIN code to the hacker’s helper.
AT&T is denying that such negligence occurred and the case will be taken to court.