Michael Terpin Urges FCC to Curb Crypto Fraud That Cost Him $24 Million
Terpin plans to distribute his letter to a major mobile industry conference.
Court documents allege that Pennsylvania resident Anthony Faulk hijacked a crypto company executive's phone, stealing crypto and using the proceeds for an expensive watch, music royalties, jewelry and a house.
The FBI has arrested two individuals on charges of stealing and attempting to steal $550,000 in cryptocurrency by SIM swapping 10 victims.
Democrat lawmakers are demanding that the FCC takes action to tackle the rise in SIM swapping attacks.
The loss highlights an obvious question for security experts, who wondered why an experienced crypto executive would keep such high sums online.
Another crypto executive is suing AT&T over a SIM swapping hack that he claims cost him $1.7 million in digital assets.