Plaintiff in AT&T SIM Swap Case Also Files Charges Against Bitcoin Bandit

Michael Terpin, a Senior Adviser at Alphabit Fund, a digital hedge fund company, has filed a lawsuit against Nicholas Truglia who is reputably known as “Bitcoin Bandit.” The charges were filed on December 28 in the superior court of the state of California. Here, the plaintiff alleges that the defendant is the actor behind the SIM swap attack that led to his loss of over $23 million worth of cryptocurrencies.

Michael Terpin Reveals Loss of Funds to SIM Swap Attack

Based on the document, Michael Terpin claims that on January 7, 2018, he was a victim of a SIM swap attack. The latter is also known as “SIM jacking” or “Port out scam,” and it involves impersonating the owner of a phone number by requesting for a SIM swap from their mobile carrier. As a result, their number can be moved to a new line controlled by the hacker.
In Terpin’s case, he reported that his mobile carrier, AT &T which he had been using since the mid-1990s gave control of his number to Nicholas Truglia. He further states that this enabled the defendant to gain access to his Trezor hardware wallet where three different cryptocurrencies totaling over $23 million were stored.

Plaintiff Makes Reference to Forensic Search Results

Terpin also referred to a forensic search of the defendant’s iCloud backup file which occurred in December. According to him, the prosecution had found several documents that could incriminate Truglia in the crime. Notable among them is a message to someone that he has stolen a wallet which contains $20 million worth of virtual currencies.
The search, on the other hand, which the plaintiff has linked to his claims dates back to December. Here, Bitcoin Bandit had been accused of another SIM swapping attack where he allegedly made away with $1 million. Reports also state that he targeted reputable members of the industry like Gabrielle Katsnelson, co-founder of SMBX and Saswata Basu, CEO of 0Chain. The defendant was later extradited to California on December 13.

Plaintiff Also Files Charges Against Mobile Carrier

Asides targeting Truglia, Terpin had also filed a lawsuit against AT & T for enabling the attacker to gain access to his mobile number. Therefore, there are two ongoing lawsuits from the same plaintiff who says it is his efforts to bring the perpetrators of the crime to justice and also recover his lost funds.
BTCNN on January 9, also informed of the launch of a website which aims at creating an awareness about SIM swapping. Robert Ross, the founder of the platform, had also been a victim of this attack where he allegedly lost $1 million from his Gemini and Coinbase accounts.

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