Michael Terpin Urges FCC To Curb Crypto Fraud That Cost Him $24 Million

Michael Terpin Urges FCC To Curb Crypto Fraud That Cost Him $24 Million
Crypto investor Michael Terpin has written an open letter to Federal Communication Commission (FCC) chairman Ajit Pai requesting urgent action on SIM swapping fraud. In a SIM swap, criminals pose as the owners of a victim's mobile phone number, convincing telecom providers to grant them access to the SIM card. 

In August 2018, Terpin sued AT&T alleging that AT&T employees had been complicit in a SIM swap fraud that saw hackers steal $24 million in cryptocurrency. Terpin is seeking $23.8 million in compensatory damages as well as $200 million in punitive damages.

Found this interesting!! Feel like thanking us?


Follow us on Facebook & share the love with your friends.🙂

Post a comment

0 Comments