The post Crypto Hacker Ready to Pay $22 Million in AT&T SIM-Swap Case appeared first on Coinpedia Fintech News
The hacker who scammed crypto investor Michael Terpin out of millions of dollars has agreed to reimburse the victim $22 million.
The breach occurred in 2018 and comprised an extensive SIM-swap operation that targeted cell provider AT&T (T), resulting in Terpin losing bitcoins worth $24 million. SIM-swapping is a method of evading two-factor authentication (2FA) by exploiting cell providers to get access to sensitive websites such as cryptocurrency exchanges and online banking.
Based on the court filing, which was signed by both Terpin and the hacker, the hacker confessed his direct involvement in the theft.