Crypto investor sues 18-year-old for stealing cryptocurrency worth $23.8 million

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American cryptocurrency investor sues a New York high school senior for theft of $23.8 million in cryptocurrencies

This script is made to order for films. A 15-year-old boy conspired with his school mate to plan a $23.8 million cryptocurrency heist and apparently he succeeded. In 2018 when the 15-year-old Ellis Pinsky allegedly conspired to steal bitcoins and other cryptocurrencies worth $23.8 million from the renowned cryptocurrency investor, Micheal Terpin.

Now Terpin is suing 18-year-old Pinsky is suing the New York high school senior for a whopping $71.4 million. In the lawsuit, Terpin says that Pinsky is allegedly the leader of “gang of digital bandits” who stole from multiple victims after using SIM swapping to gain control of their smartphones. Terpin has not named Pinksy’s alleged conspirators in the suit but accuses him of masterminding the $23.8 million heist with unknown partners.

The plaintiff, Michael Terpin, accused Ellis Pinsky, of Irvington, NY, and his alleged co-conspirators of stealing $23.8 million of cryptocurrency in January 2018, when the defendant was 15, and is seeking triple damages of $71.4 million.

Terpin claims in the lawsuit that after hijacking the native wallet on his BlackBerry, Pinsky bragged about his exploits to his peers. “On the surface, Pinsky is an ‘All American Boy,’” Terpin said in a complaint filed May 7 in a federal court in White Plains, New York. “The tables are now turned.”

Terpin has already won a similar case against the alleged associate of Pinsky, Nicholas Truglia in May last year. In that case, Terpin won a $75.8m award from the California state court. Terpin is also suing his carrier, AT&T Mobility for letting Pinsky swap the SIM without his knowledge. According to Reuters, Terpin is suing AT&T for $240 million but the judge is considering AT&T’s request to dismiss that case.

It seems that Terpin waited for Pinsky to become a major since Pinsky committed the crime when he was 15-year-old and sentencing or getting a verdict in Terpin’s favor would have been difficult. Suing Pinsky now makes him liable for paying the claim amount as a major if Terpin wins the case.

Pinsky’s attorney, Noam Biale, told the New York Post: “Ellis was a child at the time of the alleged conduct. . . . It is deeply unfortunate that Mr. Terpin has chosen to bring [a]lawsuit, full of smears and baseless allegations, for no imaginable purpose other than spite.”

The case is set for hearing in a New York court.

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"The Internet is the first thing that humanity has built that humanity doesn't understand, the largest experiment in anarchy that we have ever had." Eric Schmidt

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