Top Banner

Latest News Slider

Dubai’s RTA Unveils AI Strategy 2030 with 81 Projects and Initiatives

Can Electric Ferries Ease Mumbai Commuters’ Woes?

UAE Airports: Models of Digital Efficiency

 Abu Dhabi Selected to Pioneer AI Cognitive City

LG CNS to Deploy Smart Poles in Hogansville, Georgia

Futuristic AI-Powered City-State Attracts USD 525 Million Investment and 14,000 Registrants

Dubai Announces Global Partnerships to Launch Autonomous Taxis by 2026

Shenzhen Approves Paid Driverless Robotaxi in Nanshan

Volvo Launches Electric Buses in Mexico

From Smart Cities to Smart Communities: Insights from ITU’s Dr. Cosmas Zavazava

MMP SCWF 728x90

Americas - Smart Cities - View All

APAC - Smart Cities - View All

Europe - Smart Cities - View All

MENA - Smart Cities - View All

US operator faces $224m lawsuit over alleged theft of digital currency

Star InactiveStar InactiveStar InactiveStar InactiveStar Inactive
 

The investor at the centre of the controversy is Michael Terpin, and he is alleging that the digital currency tokens he owned were stolen from his mobile phone account, for which AT&T is the service provider.

In the lawsuit he has tabled, he has described the action as 'digital identity theft'. Terpin is a well-known figure in the world of cryptocurrency and co-founded Bit-Angels, which is a group for investors in Bitcoin (the world's biggest cryptocurrency by value) in 2013, and established a digital currency fund in 2014.

The entrepreneur and investor is now claiming for 3 million tokens that were allegedly stolen from him that were worth around $2.8m, and an additional $200m in other damages.

According to the complaint document that was filed, AT&T has already been contacted by law enforcement authorities about similar frauds in the past. The co-founder of Bit-Angels claims the theft occurred through a SIM swap fraud, which involves tricking a provider, which in this case is the US mobile operator to transfer a phone number to a SIM card controlled by someone else.

The enables the fraudster to then use the phone number to reset subscriber passwords and access online accounts. In addition to this, Terpin also claims that after the theft, his AT&T account was transferred to an international criminal gang.

In an emailed statement sent to Reuters, AT&T vehemently refuted the claims being made: "We dispute these allegations and look forward to presenting our case in court," a representative stated.