Teenage hacker Ellis Pinsky has agreed to a multi-million dollar payout to his victim, Michael Terpin. The hack which took place in 2018 cost crypto-holder Terpin nearly $24 million and brought to light the ease at which fraudulent SIM card swapping could cripple holders of large amounts of cryptocurrency.
The national cryptocurrency, securities, and class action law firm, Levin Law, P.A. (“Levin Law”) continues to investigate SIM-Card card swapping schemes that result in severe losses to crypto investors. If you have sustained financial losses as a result of a SIM card hack, data breach, or another fraudulent scheme, contact Levin Law for a free case evaluation. Call (305) 402-9050 or email managing partner Brian Levin directly at firstname.lastname@example.org.
Michael Terpin, a well-known crypto investor, was defrauded out of over $23 million when a teenage hacker perpetrated a SIM card swap. The hacker, Ellis Pinsky, was a 15-year-old sophomore at a New York high school when the crime occurred.
According to an in-depth interview Pinksy gave to Rolling Stone, he worked with employees at all of the major carriers to complete SIM card hacks including the one perpetrated against Michael Terpin. Using his contact at AT&T, Pinksy ported the crypto-investors line to another phone. He then used the information to gain access to Terpin’s email and accounts. The hack would be considered one of the largest of its kind.
As a condition of the agreement, Pinsky has said he will provide information on how he performed the hack. Terpin has also filed a lawsuit against his cellular carrier at the time, AT&T.
The number of SIM card hacks or SIM swapping schemes has increased substantially over the last several years, likely due to the rise in cryptocurrency. Holders of large amounts of digital assets have become targets of hackers. As in the case of Michael Terpin, in a matter of moments, millions of dollars can be stolen when a SIM card swap is perpetrated.
A SIM card swap occurs when a third party fraudulently obtains access to a person’s mobile device. The hacker, usually with the help of an employee at a cellular carrier or a data breach, is given unauthorized access to port the victim’s line to a new device. Once under their control, the hacker uses the person’s information to bypass two-factor authentication requests having text and phone call authorization sent to a device they now control.
Levin Law founder, attorney Brian Levin, has extensive experience handling SIM card hack cases. He continues to investigate cryptocurrency theft claims, including those involving data breaches, security failures, and other forms of fraud.
Crypto investors who have sustained losses as a result of a SIM card swapping scheme or other fraudulent activity are strongly encouraged to contact Levin Law for a free case evaluation. Harmed investors can call (305) 402-9050 or email attorney Brian Levin directly at email@example.com.
Most cases are accepted on a contingency fee basis, meaning clients do not pay Levin Law attorney fees unless money is recovered on their behalf.
Levin Law is a premier national cryptocurrency, securities, commodities, futures, and class action law firm. Brian Levin, Levin Law’s founding attorney, has helped recover in excess of $150,000,000 through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.