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Michael Terpin sues AT&T for $224 million over loss of cryptocurrency

Michael Terpin sues AT&T for $224 million over loss of cryptocurrency

August 17, 2018 4:45 am,

Michael Terpin a very well-known US cryptocurrency investor and entrepreneur filed a $224 million lawsuit on 15th August, Wednesday against telecommunications company AT&T, accusing it of fraud and theft of digital currency tokens from his personal account.

The complain was of 69-pages. The complaint of 69- pages by Michael was filed in Los Angeles with the US District Court, Michael Terpin said that his token was stolen on January 7, 2018, the tokens were stolen from him through what he alleged was a digital identity theft of his cell phone account. In the complaint, he said the service provider was AT&T.

Michael got an email from AT&T spokesman which said, “We do not agree on the allegation which is made on us and we are looking forward to presenting our case in court.” At the time of the theft, the three million stolen tokens were worth $23.8 million, the complaint said made by him. Michael Terpin is also seeking $200 million in punitive damages.

The complaint also said that the service provider company AT&T previously has been contracted by law enforcement authorities and government about such frauds. Cryptocurrency has a total market capitalization of about $200 billion dollar’s, according to data from virtual coin tracker. Nine years after bitcoin came into existence, the market has seen more than 1,800 different digital currencies.

Michael Terpin, represented by Los Angeles litigation firm Greenberg Glusker, claimed in the lawsuit that after the theft of three million stolen tokens were worth $23.8 million of digital currency after the theft was done his account was transferred to an international criminal gang.

Michael Terpin co-founded the first group for bitcoin investors called “BitAngels” in early 2013, and the first digital currency fund, the BitAngels Fund, in March 2014. Terpin is a senior advisor to Alphabit Fund, which is the world’s largest digital currency hedge funds. The complaint by Michael Terpin claimed that the theft of the tokens occurred through a fraud called SIM swap fraud.