US man sues telco for $24 million loss of cryptocurrency

A US investor filed a $224-million lawsuit against AT&T, accusing the telecom giant of negligence that caused him to lose nearly $24 million worth cryptocurrency. Michael Terpin said hackers accessed his cryptocurrency account by carrying out SIM swap fraud. SIM swapping consists of tricking an operator into transferring a subscriber's phone number to a SIM card controlled by someone else.