Recently the U.S. renowned businessperson and cryptocurrency venture capitalist Michael Terpin served a $224 million impeachment on Wednesday. Michael filed a lawsuit against the renowned AT&T, the company providing services in telecommunications around the U.S. The discussion of the lawsuit is reported to emerge from the fraudulent participation, gross negligence in connection along with a theft of digital assets and cryptocurrency tokens from Michael’s personal account.
The complaint is registered with the U.S. District Court in Los Angeles, giving a 69-page elaboration of evidence and embezzlement. Michael accused the company of fraud stating that on January 7th, 2018, crypto tokens were robbed from him through a process what he called “digital integrity theft” of his cell phone’s personal account. Since during the burglary, AT&T was his mobile carrier and service provider, so he filed a complaint against them.
AT&T reverted to Michael through an email, where the representative of the company wrote, “We disregard the accusations and would present our side in the court.”
The complaint describes that at the time of theft the tokens amounting to three million were robbed which were equivalent to $23.8 million. Michael has also filed for the penalty and asking for $200 million in a reprisal of damages.
AT&T has also been approached previously by the law enforcement authorities pertaining to similar frauds.
The cryptocurrencies today cover a market capitalization that amounts somewhere to $200 billion, pertaining to the information tracked by virtual coin tracker coinmarketcap.com. After the Bitcoin’s phenomenal growth in last nine years, the market has witnessed over 1800 digital currencies making their debut. These new digital currencies expand the horizons of all users into digital possession of assets, all with many innovations and processes aim to set themselves as space in this potential emerging industry.
Michael’s case is going to be carried out by the Los Angeles lawsuit firm Greenberg Glusker, which have further accused that post-burglary of his digital assets, Michael’s cell phone account was forwarded in hands of International Criminal Gang.
Michael is the co-founder of the very first settled angel group that comprises of all Bitcoin venture capitalists called as BitAngels which were co-founded by him early in 2013 along with the first digital assets fund termed as Dapps Fund back in March 2014.
Currently, Michael is serving as a senior of the advisory to Alphabit Fund which is among different companies sailing its way through becoming the marker player of digital assets and currencies hedge funds.
The litigation claimed that the embezzlement of his digital tokens occurred via the fraudulent process of SIM card swapping. SIM is the subscriber identification module that enables every phone to practice authentication of a user to the provider. The act of SIM swapping consists of manipulating activities of confusing the provider. This enables the transfer of all activities of the user’s phone number to a SIM card in possession of someone other than the user.
This act enables criminal activities like resetting the user’s accounts and passwords and then accessing all of their online accounts putting the privacy and assets of a user at stake.