Last month’s Twitter hack is being considered one of the most devastating attacks in the platform’s history. The 17-year old mastermind behind the hack that promoted a Bitcoin scam from multiple verified celebrity accounts, was arrested by authorities along with two accomplices on July 31.
The latest reports now reveal that the teenage hacker has more than $3 million worth of bitcoin assets.
Graham Ivan Clark, a resident of Tampa, Florida, was accused of orchestrating the Twitter hack along with 19-year-old U.K. resident Mason Sheppard and 22-year-old Florida resident Nima Fazeli.
A recent report from local news outlet Tampa Bay Times on Sunday states that Clark’s attorney David Weisbrod has now notified the court that Clark is currently in possession of 300 bitcoins, worth $3.36 million.
Prosecutors have noted that Bitcoin possessed by Clark has been illegally obtained, considering his “conduct,” referring to the crimes he is being charged for.
“Because, based upon the conduct of this defendant, I believe it’s appropriate to assume that every single penny that this defendant has access to is by ill-gotten gains,” the prosecutor said. “And we’re talking about millions of dollars.”
Weisbord, however, denied the claims, mentioning that Clark was involved in a criminal investigation last year and at the time prosecutors seized about $15,000 in cash and 400 bitcoin from Clark.
However, the prosecutors had returned the cash along with 300 bitcoin, and hence Weisbrod argued that the bitcoin in Clark’s possession is legitimate.
“I can think of no greater indication of legitimacy than law enforcement giving the money back,” he said.
Why the prosecutors had returned only 300 bitcoin, and not all 400 bitcoin still remains unclear.
A heavy bail for an illegal millionaire
A bail amount of $725,000, which is six times of what he has been accused of stealing from the twitter hack that involved manipulating Twitter employees, has been set for Clark.
“This attack relied on a significant and concerted attempt to mislead certain employees and exploit human vulnerabilities to gain access to our internal systems,” Twitter said.
Authorities further claim that Clark is the “mastermind” behind the attack and had hired Nima Fazeli and Mason Sheppard “as proxies” to “manipulate” Twitter employees into giving up access to Twitter’s internal system.
The scam managed to defraud investors of $117,000 in a few hours.
As of now, Clark is facing state charges since he is a juvenile and was held without bail since his arrest on July 31. Fazeli and Mason, on the other hand, are facing federal charges.
Clark is looking at 17 counts of communications fraud, 11 counts of fraudulent use of personal information, and one count each of organized fraud for more than $5,000 and accessing a computer or electronic device without authority.