As per a news report released yesterday, communications giant AT&T is currently facing a lawsuit that is near worth a staggering $224 million. The US-based company has been charged with allegations of “gross negligence and fraud” by Michael Terpin, a crypto entrepreneur and investor, who is quite well-known within today’s cryptocurrency scene.

A More Detailed Look At The Case

The aforementioned complaint was filed with a US District Court by Terpin, who is the CEO of Transform Group, and alleges that AT&T stole over three million alt-coins of his earlier this year in January.

The coins at the time were valued to be around $24 Million, but Terpin is looking to get an additional $200 Million from AT&T in punitive damages.

In response to this matter, a spokesperson for AT&T responded to the complaint via email stating that:

“We here at AT&T dispute these allegations and will now [present] our case in court.”

Over the past 6-12 months, the number of cases involving mobile SIM fraud have increased quite significantly. Experts allege that this steep rise is in part due to these SIM cards being used for “illegally stealing cryptocurrencies” from unsuspecting users.

Final Take

Whether or not Terpin is able to win this lawsuit remains to be seen. However, this latest black mark against AT&T will definitely have some impact on the firm’s overall market presence for sure.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.