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U.S. investor sues AT&T for $224 million over loss of cryptocurrency
Source: Reuters
FINTECH AUGUST 15, 2018 / 8:33 AM / UPDATED 2 HOURS AGO
U.S. investor sues AT&T for $224 million over loss of cryptocurrency
Gertrude Chavez-Dreyfuss
3 MIN READ
NEW YORK (Reuters) - U.S. entrepreneur and cryptocurrency investor Michael Terpin filed a $224 million lawsuit on Wednesday against telecommunications company AT&T (T.N), accusing it of fraud and gross negligence in connection with the theft of digital currency tokens from his personal account.
In a 69-page complaint filed with the U.S. District Court in Los Angeles, Terpin alleged that on January 7, 2018, the tokens were stolen from him through what he alleged was a “digital identity theft” of his cellphone account. In the complaint, he said AT&T was his service provider.
In an emailed response, an AT&T spokesman said: “We dispute these allegations and look 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. Terpin is also seeking $200 million in punitive damages.
-snip-
U.S. investor sues AT&T for $224 million over loss of cryptocurrency
Gertrude Chavez-Dreyfuss
3 MIN READ
NEW YORK (Reuters) - U.S. entrepreneur and cryptocurrency investor Michael Terpin filed a $224 million lawsuit on Wednesday against telecommunications company AT&T (T.N), accusing it of fraud and gross negligence in connection with the theft of digital currency tokens from his personal account.
In a 69-page complaint filed with the U.S. District Court in Los Angeles, Terpin alleged that on January 7, 2018, the tokens were stolen from him through what he alleged was a “digital identity theft” of his cellphone account. In the complaint, he said AT&T was his service provider.
In an emailed response, an AT&T spokesman said: “We dispute these allegations and look 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. Terpin is also seeking $200 million in punitive damages.
-snip-
Read more: https://www.reuters.com/article/us-cryptocurrency-at-t-lawsuit/u-s-investor-sues-att-for-224-million-over-loss-of-cryptocurrency-idUSKBN1L01AA
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