Nicholas Truglia, a cryptocurrency scammer, has had his prison sentence increased to 12 years due to failure to comply with a restitution order.
Summary of the Nicholas Truglia Case
Nicholas Truglia was convicted in 2022 for fraud and initially sentenced to 18 months in prison. However, on July 12, his sentence was extended to 12 years for failing to pay the restitution to his victim.
Overview of Truglia’s Fraud Methods
Truglia utilized SIM-swapping tactics, leading to significant losses for his victims, including Michael Terpin. This method involves transferring a victim's phone number to a different SIM card, allowing the scammer to receive all authentication messages from various services, including cryptocurrency exchanges and banks.
Consequences for the Victim and Legal Aspects
Michael Terpin, a successful investor and CEO of Transform Group, lost $24 million in cryptocurrency due to the scheme. Following the incident, he filed lawsuits against T-Mobile, his wireless carrier, and successfully obtained $75 million in damages through a civil suit against Truglia.
The legal proceedings against Nicholas Truglia highlight the significance of investor protection in cryptocurrency and demonstrate the serious repercussions for scammers in this domain.
