RATE Group | Cryptocurrency investor’s $224 million suit against AT&T over stolen coins moves forward
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Cryptocurrency investor’s $224 million suit against AT&T over stolen coins moves forward

23 Jul Cryptocurrency investor’s $224 million suit against AT&T over stolen coins moves forward

Posted at 21:58h in Cryptocurrency News by

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People walk past an AT&T store in New York on October 23, 2016.

Kena Betancur | AFP |Getty Images

A multi-million-dollar case involving stolen cryptocurrency filed against AT&T is moving forward.

A federal judge in Los Angeles, California rejected the telecommunications giant’s request to dismiss all of the claims in a suit filed by Michael Terpin last year for enabling the theft of $24 million worth of cryptocurrency. Terpin is seeking $200 million in punitive damages and $24 million of compensatory damages from AT&T.

“The evidence will show that AT&T not once, but twice allowed hackers posing as Michael to obtain his SIM card,” Terpin’s lead counsel Pierce O’Donnell, a partner with Greenberg Glusker Fields Claman & Machtinger in Los Angeles, said in a press release.

The judge tossed out 13 of the 16 claims, finding that Terpin did not adequately show how the theft of his cell phone number was connected to the cryptocurrency claims. AT&T told CNBC in a statement that the company was …

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