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Investor Sues AT&T for Cryptocurrency Theft Losses

The victim of cybercurrency theft blames the carrier for failing its security obligations.

A cryptocurrency investor who lost $24 million to theft through his AT&T cell phone account has filed a lawsuit seeking $224 million from the communications firm. In the suit, Michael Terpin accuses AT&T of "…willing cooperation with the hacker, gross negligence, violation of its statutory duties, and failure to adhere to its commitments in its Privacy Policy."

Terpin, who has been hit by two attacks in seven months, says that the first attacker was aided by an AT&T insider, who provided his account details to the thief. AT&T disputes Terpin's account and, in a statement, said that the company looks forward to presenting its case in court.

Terpin co-founded an angel group for bitcoin investors called BitAngels in 2013 and a digital currency fund, the BitAngels/Dapps Fund.

Read more here.

 

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