Crypto currency investor sues New York teenager for $71.4 million for SIM exchange

Investor Michael Terpin is suing a New York City teenager for $71.4 million in damages for allegedly stealing $23.8 million in cryptomoney from him in 2018.

This is the latest in a long series of legal actions. Ellis Pinsky of Irvington, New York, along with his co-conspirators, allegedly succeeded in stealing $23.8 million in crypto currency from the plaintiff in a SIM card exchange.

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At the time of the alleged crime, Pinsky was only 15 years old and a Bitcoin Profit, Bitcoin Rush, Immediate Edge, Corona Millionaire, Bitcoin Gemini representative said he had returned $2 million of the funds. Now that he is 18, Terpin is suing for the remaining millions plus three times the damages under RICO for a grand total of USD 71.4 million.

In May 2019, Terpin won a $75 million civil case against Nicholas Truglia, an alleged co-conspirator of Pinsky. Reuters cited Terpin in the court documents:

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„On the surface, Pinsky is an all-American boy. Things have changed.“

It is unclear whether Pinsky has the money to compensate Terpin if the court decides in favor of the plaintiff.

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Terpin’s legal battles
Terpin is also involved in a legal impasse with AT&T. He has accused company officials of instituting inadequate security measures and is suing the company for $240 million. In court, his lawyers testified:

„Mr. Terpin’s main argument is that AT&T, through its officers and CEOs, created an inadequate ’security‘ system that allowed its employees and contractors to circumvent controls to implement SIM card exchanges.“