AT&T Walks Away Unscathed In Multi-Million Dollar Crypto Theft Lawsuit, Investor Michael Terpin Baffled By The Verdict
Benzinga – After nearly six years of litigation, AT&T Inc. (NYSE: T) has won a lawsuit filed by cryptocurrency investor Michael Terpin over his loss of millions in digital assets due to a SIM-swapping hack.
The Central District Court of California granted AT&T’s motion for Summary Judgment, stating that there is no evidence to support Terpin’s claims against the company.
In mid-2017, hackers allegedly used an AT&T employee to swap Terpin’s SIM settings with their own, stealing $24 million worth of cryptocurrency from him by changing his phone number, resetting passwords, and sending 2FA messages to a new phone.
Terpin filed the lawsuit in 2018, asking for $240 million.
The court found no evidence to support Terpin’s claims against AT&T for negligence, breach of contract and violation of the Communications Act, among others.
Despite Judge Otis Wright II initially allowing some of Terpin’s claims to proceed in 2020, the court has now barred him from recovering any damages, and all dates and deadlines in the case have been vacated.
In an email response to Benzinga, Terpin said he was shocked and baffled by the ruling since the court twice previously refused to dismiss the case.
“It is a sad day in America when a victim of blatant internet theft of $24 million, distinctly enabled by a communications giant AT&T, is deprived of his day in court. Ours is a country of laws. AT&T violated multiple laws, covered up its lawlessness, and then spent over five years trying to bury me in motions designed to delay and drive up costs. When I do get a trial, I have no doubt that a jury will find that AT&T is culpable here,” Terpin said.
“I intend to appeal immediately to the Ninth Circuit, where I am confident that I will prevail. This is an important case involving the rights of all consumers who are entitled to the protection of their data. It has broad repercussions for hundreds of other cases and requires a trial by jury, not a sweeping under the carpet of thin judicial opinion,” he added.
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