A crypto investor is suing a New York teenager for $71.4 million in damages for allegedly snatching cryptocurrency from his phone.
Investor Michael Terpin is suing a New York teenager for $71.4 in damages for allegedly stealing $23.8 million in cryptocurrency from him in 2018.
It’s the latest legal action in a long running saga. Ellis Pinsky of Irvington, New York, along with his co-conspirators reportedly managed to snatch $23.8 million worth of cryptocurrency in a SIM swap from the plaintiff.
At the time of the alleged crime, Pinsky was just 15 and a representative for Terpin said he had returned $2 million of the funds. Now he is 18 Terpin is suing for the remaining millions plus three times the damages under RICO for a grand total of $71.4 million.
In May 2019, Terpin won a $75 million civil case against Nicholas Truglia, an alleged co-conspirator of PInsky’s. Reuters quoted Terpin in the court documents as saying:
“On the surface, Pinsky is an ‘All American Boy’. The tables are now turned.”
It’s not clear whether Pinsky’s has the money to compensate Terpin if the court decides in the plaintiff’s favor.
Terpin’s legal battles
Terpin is also involved in a legal quagmire with the AT&T. He has accused company officers of instilling inadequate security measures and is suing the company for $240 million. In a court filing his lawyers stated:
“Mr. Terpin’s primary argument is that AT&T through its corporate officers and managing directors created an inadequate ‘security’ system that allowed its employees and contractors to bypass controls to implement SIM swaps.”