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Home » A 15 year old teenage hacker pays $22 million in damages in AT&T SIM swap

A 15 year old teenage hacker pays $22 million in damages in AT&T SIM swap

by LLT FINANCE REPORTER
15th Oct 22 3:28 pm

A crypto hacker who cheated crypto investor Michael Terpin out of millions will pay him $22 million in damages, a court report from the Southern District of New York shows, cited by CoinDesk.

The crime goes back to 2018, when the hacker was only 15, and involved a complex SIM-swap scheme targeting mobile operator AT&T.

The scheme inflicted damages of $24 million on Terpin. By SIM swapping, the perpetrator bypassed two-factor authentication (2FA) and used AT&T to break into online banks, crypto exchanges, and other sensitive websites.

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According to the report, the perpetrator admitted he was directly involved in the SIM-swap and the theft after it. Both Terpin and the hacker signed the court filing. The hacker will provide a detailed account of how the AT&T SIM-swap happened.

Tim Toohey, Terpin’s attorney, expressed hope that the telecom would take responsibility for security failures that resulted in the breach after this detailed information becomes available.

$200m damage claim dismissed

A California court dismissed a $200 million claim for damages from Terpin against AT&T, which he filed two years ago. Except for the claim in the New York court, all claims against the hacker will be dismissed.

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