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Alleged 17-year-old Twitter hacker has more than $3 million worth of bitcoin assets

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Graham Ivan Clark, the 17-year-old Florida man accused of hacking Twitter on July 15, has more than $3 million worth of bitcoin assets.

Clark's attorney David Weisbrod informed about the assets in a court hearing on Saturday, the Tampa Bay Times reported on Sunday. Clark has 300 bitcoin (currently worth about $3.35 million), said Weisbrod.

Prosecutors said the bitcoin must be illegally obtained, given Clark's "conduct," referring to the Twitter hack. Weisbrod denied that claim, saying that Clark was the subject for a criminal investigation last year and at the time prosecutors seized about $15,000 in cash and 400 bitcoin from Clark.

Prosecutors then declined to charge Clark at the time, said Weisbrod, and returned him the cash and 300 bitcoin. Weisbrod argued that it legitimizes that bitcoin. "I can think of no greater indication of legitimacy than law enforcement giving the money back," said Weisbrod.

It is not clear why prosecutors returned only 300 bitcoin, and not all 400 bitcoin when they reportedly declined to charge Clark at the time.

In Saturday's hearing, prosecutors set $725,000 bail for Clark, six times what he is accused of stealing through the Twitter hack.

Clark was arrested on July 31 and is facing 30 felony charges to promote a bitcoin giveaway scam by hacking popular Twitter accounts. Prosecutors refer him as the "mastermind" behind the hack.

Two other individuals — 19-year-old U.K. resident Mason Sheppard and 22-year-old Florida resident Nima Fazeli — have also been charged for their alleged participation in the hack. They are facing federal charges since they are adults, while Clark is facing state charges being a juvenile.

Under Florida law, prosecutors would reportedly take 10% of the bail set Saturday, i.e. $72,500, to free Clark pending trial.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.