A woman uses her cell phones in Manhattan, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly - RC11C3E74350

AT&T is being sued $224 million over a crypto investor’s $24 million loss

$24 million

Crypto crime turned a $24 million robbery into a $224 lawsuit against AT&T, which an investor blames for enabling identity theft.

Published   |  Photo by Reuters/Andrew Kelly
A woman uses her cell phones in Manhattan, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly - RC11C3E74350
$24 million

US investor Michael Terpin says the fault lies with AT&T for allowing hackers to access his phone number—used to rob his assets—without any ID or password.

A woman uses her cell phones in Manhattan, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly - RC11C3E74350
$24 million

The 69-page complaint, filed in Los Angeles, compared it to “a hotel giving a thief with a fake ID a room key and a key to the room safe to steal jewelry in the safe from the rightful owner.”

A woman uses her cell phones in Manhattan, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly - RC11C3E74350
$24 million
A woman uses her cell phones in Manhattan, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly - RC11C3E74350
$24 million

On top of the $24 million in losses, Terpin is seeking an extra $200 million in punitive damages. AT&T is disputing the case.

A woman uses her cell phones in Manhattan, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly - RC11C3E74350
$24 million

Crypto theft is having a record-breaking year. Blockchain security firm CipherTrace estimates that cryptocurrency exchanges lost $760 million in 2018 so far—nearly triple 2017’s losses.

A woman uses her cell phones in Manhattan, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly - RC11C3E74350
$24 million

Crypto is a threat or will be to the stability of the financial system

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