Wednesday, August 15, 2018

LA Cryptocurrency Investor Seeks $223.8M From AT&T Over Crypto Theft

Michael Terpin, a well known serial entrepreneur who is very active in the Los Angeles technology industry--and has since made a name for himself as an early cryptocurrency investor and pioneer--is suing AT&T over the loss of $23.8 million due to a "SIM swap" scam. Terpin is seeking $223.8M in his lawsuit, including $200M in punitive damages, for AT&T's role in allowing an AT&T agent to transfer Terpin's cellphone account to an international criminal gang. According to Terpin, more than 3 million cryptocurrency tokens were stolen from him on January 7, 2018, when an AT&T agent made the transfer of his cell phone account, allowing the criminal gang to cirumvent security controls on his cryptocurrency accounts. Terpin founded Marketwired, which he sold to the NASDAQ, crowdfunding firm Direct IPO, and also is behind PR firm Transform PR; however, he's best known for his success and involvement in the cryptocurrency market, having founded angel group BitAngels, and having been a very early proponent of Bitcoin. Terpin also was the first cryptocurrency investor from Los Angeles to move to Puerto Rico, which has spurred a major movement by cryptocurrency enthusiasts to set up a headquarters on the island.. Terpin is being represented by Greenberg Glusker in the lawsuit. Editor's note: Terpin has contributed many editorials to this publication in the past.