BitAngles Founder Files a New Lawsuit Over a $24 Million Cryptocurrency Theft Case

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In a new development to a year-old crypto theft case, Michael Terpin, the founder of BitAngels investment group has filed a lawsuit seeking $81 million in damages.

Terpin has filed a civil suit and Racketeer Influenced and Corrupt Organizations claim against a man from New York and other people, who allegedly stole $24 million worth of cryptocurrencies from Terpin last year.

What Is the Case?

Michael Terpin is the founder of BitAngels investment group who reportedly lost $24 million worth of crypto from his personal accounts in 2018.

Terpin was in the news previously when he filed a lawsuit against cellphone carrier AT&T last year, seeking $223.8 million damages for the same hack in August.

He claimed that the operator’s negligence enabled the SIM swap attack on his phone which made him lose his digital currency holdings.

The new lawsuit by Terpin was filed in late December, where he has claimed that Nicholas Truglia and 25 other unnamed people were involved in the hack.

Truglia is claimed to be the mastermind behind the ‘OG Users’ gang which is allegedly responsible for several SIM swap attacks on cryptocurrency holders during the past year.

He was arrested in November 2018 on 21 counts of theft which included altering or corrupting computer data with an intent to defraud, using personal information without authorization, and grand theft.

There were news reports about him having hacked into the cellphones of multiple executives in Silicon Valley.

How Is AT&T Involved in the Case?

During the alleged cryptocurrency hack, cybercriminals gained access to Terpin’s mobile phone account.

The hacker group then used their access to his account to intercept calls and text messages related to two-factor authentication. This enabled them to steal cryptos from Terpin’s accounts.

Terpin claims that AT&T was aware of the hijacking attempts on his accounts and that one of its employees helped in facilitating the fraud.

The newest lawsuit by Terpin seeks an $81 million payout, citing RICO law violations.

This law is commonly used to impose big penalties on organized crime groups. Using that law, damages can be claimed at three times the size of the amount lost.

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