{"id":625716,"date":"2023-04-05T04:25:00","date_gmt":"2023-04-05T09:25:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/05\/att-wins-legal-battle-against-crypto-investor-who-fell-victim-to-sim-swapping\/"},"modified":"2023-04-05T04:25:00","modified_gmt":"2023-04-05T09:25:00","slug":"att-wins-legal-battle-against-crypto-investor-who-fell-victim-to-sim-swapping","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/05\/att-wins-legal-battle-against-crypto-investor-who-fell-victim-to-sim-swapping\/","title":{"rendered":"AT&T wins legal battle against crypto investor who fell victim to SIM swapping"},"content":{"rendered":"
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\"AT&T AT&T wins legal battle against crypto investor who fell victim to SIM swapping<\/span> Samuel Wan \u00b7<\/span> 36 mins ago<\/span> \u00b7 2 min read<\/span> <\/span> <\/span> <\/span> <\/span><\/p>\n

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A Californian judge sided with AT&T dismissing Michael Terpin’s case, having lost $24 million to a SIM swap hack.<\/p>\n

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2 min read<\/span><\/p>\n

Updated:<\/span> April 5, 2023 at 10:25 am<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\"AT&T<\/p>\n

Cover art\/illustration via CryptoSlate<\/p>\n<\/div>\n<\/div>\n

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Ad<\/h2>\n<\/header>\n

\"CoinDesk<\/a><\/section>\n

A judge has ruled in favor of AT&T, dismissing crypto investor Michael Terpin\u2019s claim for damages against the company.<\/p>\n

Judge Otis Wright II<\/a> ordered that Terpin is not entitled to recover damages from the telecoms firm, despite losing $24 million in a SIM swap attack in 2017.<\/p>\n

$24 million in crypto stolen<\/h2>\n

In August 2018<\/a>, the crypto investor filed a $224 million lawsuit against AT&T for negligence and fraud. Terpin blamed the company\u2019s inadequate data record system for the theft of his digital assets.<\/p>\n

Terpin specifically named SIM swapping as the method by which hackers could steal his crypto funds.<\/p>\n

SIM swapping is the unauthorized control of a mobile phone account, enabling access to the victim\u2019s information, including SMS text-based 2FA codes to access financial accounts.<\/p>\n

Telecom employees are tricked into switching accounts to a new SIM under the hacker\u2019s control. However, in some cases, employees knowingly cooperate<\/a> with criminals for money.<\/p>\n

Terpin sued AT&T for $224 million, contending that his losses were made possible only through an insider who provided unauthorized access to his phone account.<\/p>\n

The sum comprised $24 million to cover the loss of his digital assets and $200 million for punitive damages.<\/p>\n

In September 2020, Judge Wright II threw out the $200 million<\/a> punitive damages claim, saying that the company\u2019s policies did not offer any safeguards from third-party hacks. However, the judge authorized Terpin to proceed with his claim for losing his digital assets.<\/p>\n

On March 28, the judge ruled in favor of AT&T, quashing Terpin\u2019s claim to recover the remaining element of his case.<\/p>\n

Investigators uncovered that Ellis Pinksky and 20 co-conspirators were responsible for orchestrating the theft of $100 million in cryptocurrency through SIM swap attacks. It was later revealed that Pinksky was only 15 years old at the time of stealing Terpin\u2019s crypto.<\/p>\n

SIM swapping<\/h2>\n

There appears to be a lack of comprehensive and up-to-date data on SIM swapping, particularly its prevalence.<\/p>\n

In September 2020, the Guardian<\/a> said SIM swapping has been on the rise since 2015, citing 483 cases to June 2020 versus just 144 cases in the whole of 2015. This relates to U.K.-based victims.<\/p>\n

The FBI<\/a> stated 1,611 SIM swap attacks occurred in 2021, netting attackers $68 million. However, from 2018 to 2020, the agency received 320 such complaints, with victims losing $12 million.<\/p>\n

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Posted In: U.S.<\/a>, Crime<\/a>, Legal<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n

Read More<\/a>
\n Samuel Wan<\/p>\n","protected":false},"excerpt":{"rendered":"

AT&T wins legal battle against crypto investor who fell victim to SIM swapping Samuel Wan \u00b7 36 mins ago \u00b7 2 min read A Californian judge sided with AT&T dismissing Michael Terpin’s case, having lost $24 million to a SIM swap hack. 2 min read Updated: April 5, 2023 at 10:25 am Cover art\/illustration via […]<\/p>\n","protected":false},"author":1,"featured_media":625717,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3336,534,22587],"tags":[],"class_list":{"0":"post-625716","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-battle","8":"category-financial","9":"category-legal"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/625716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=625716"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/625716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/625717"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=625716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=625716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=625716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}