The crypto world is full of controversy. Big names like Warren Buffett and Bill Gates condemn cryptoassets on different grounds. However, attacks on rich staking wallets cause huge losses. One of the famous crypto hacks of this scope took place in the wallet of crypto entrepreneur Michael Terpin. In the heist in January 2018, $23.8 million worth of crypto assets disappeared. Now, various allegations have emerged about the “brain” behind the attack. According to this, the attack was directed by Ellis Pinsky, who is called the “young crypto money king”.
Is the crypto kingpin responsible for the hack attack?
Ellis Pinsky was the brainchild of the attack in which Michael Terpin’s funds were stolen. Pinsky carried out the hack with the help of multiple hackers working from Europe and the USA. As a method of attack, they used the technique of replacing the identity of the real owner of the SIM card with a fake SIM. Michael Terpin’s BlackBerry phone featured a digital safe that stored cryptos. In 2020, Terpin sued Ellis Pinsky and other accomplices for his funds stolen in 2018. According to the lawsuit, he was seeking US$71.7 million in damages. Terpin obtained a civil ruling in his favor from a state court in 2019 for the relevant case. However, the crypto entrepreneur’s lawsuit against AT&T did not go as he wanted. In 2020, a California state judge denied Terpin’s lawsuit.
Who is Ellis Pinsky?
Pinsky was just a 15-year-old teenager when the hack took place. His mother was a doctor at NYU Langone, and Pinsky had an interest in games. Accordingly, after Terpin filed a lawsuit, some people entered Pinsky’s house to get information about the stolen cryptocurrencies. It is stated that Pinsky, a New Yorker, led the team of hackers who breached Terpin’s phone. For this reason, Pinsky is sometimes referred to as the young cryptocurrency king or even ‘Baby Al Capone’. The detailed story of the attack by Ellis Pinsky is detailed by an article. The events are covered in an article on Apple’s news platform. Accordingly, the article talks about Pinsky’s role in the story and how he allegedly spent the money. Meanwhile, in the crypto world, the largest digital asset, Bitcoin is trading at almost half its price earlier this year.
Pinsky’s hack is just one of many events that shook the world of blockchain-based cryptocurrencies. cryptocoin.com As we have reported, such events are quite common in the market. For example, for Celsius Network, which went bankrupt, experts warn of phishing attacks. As for the Pinsky thing, what made him stand out was that he was only 15 when he committed the multi-million dollar heist.
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