Investor Awarded $75 Million in SIM Swapping Lawsuit May 12, 2019 May 12, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMay 12, 2019 by Kelly Cromley

Investor Awarded $75 Million in SIM Swapping Lawsuit

Michael Terpin, a US businessman and cryptocurrency investor who saw SIM swappers steal millions of cryptocurrency from him, was awarded $75.8 million in a civil judgment against a person who was allegedly member of a defrauding plan.

Last week, the California Superior Court instructed Manhattan resident Truglia to settle the sum above in compensatory and punitive penalties.

The sum is supposedly one of the biggest judicial rulings granted in the crypto domain so far, Reuters states. As earlier stated, after lodging a petition against AT&T last August, Terpin lodged the case against Truglia especially early December.

Three million tokens were robbed from his cryptocurrency wallet at in early 2018 SIM swapping operation.

Terpin accused the company of neglect, supposedly allowing the suspect to obtain control over Terpin’s mobile number and rob nearly $23.80 million worth of cryptocurrencies. This, a petition Terpin lodged with the US. Back in August, District Court in Los Angeles indicted AT&T, his service provider, for “gross neglect” that led him to lose money.

Truglia and others reportedly took control of Terpin’s tokens by taking control of the latter’s phone number, changing passwords, and accessing online accounts. Truglia was allegedly detained in November for robbing $1 million in crypto by SIM swapping. On May 9, the US Justice Department published a fifteen-count sentence charging a hacking group tagged “The Community” with SIM flipping to rob cryptocurrencies.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.