Michael was the victim of several attacks in 2017 and 2018, and in his crypto holdings, he lost over $24 million. He claims that his device was compromised as a result of the negligence performed by the Telecom giant AT&T. For those that don’t know, such a swap attack will typically occur when a criminal manipulates a carrier into changing the victim’s phone number into a SIM card that they control. This allows them to steal off cryptocurrency as they can accept two factor-authentication prompts.
AT&T would continue to fight the case in their favor.
Crypto investor Michael Terpin noted that he was very frustrated with the ongoing attempts to waste time and money in court as they postponed their so-called doing. AT&T criticized the SIM swapping attacks saying the attacks very unfortunate. However, the company further revealed that they would continue to fight the case in their favor.
Michael Terpin claims AT&T had an inadequate security system that allowed SIM swap attacks.
The filing has claimed that the telecom giant AT&T has attempted to strike out the punitive damages, and the claimant rests on. The filing further states that Micahel Terpin’s main argument is that AT&T, through its corporate officers and managing directors, created an incompetent ‘security’ system that allowed its employees and contractors to circumvent controls to implement SIM swap attacks.