Nicholas Truglia, convicted of cryptocurrency theft, has received a significantly increased sentence of 12 years. The judge justified the decision by citing unpaid debts.
Updated Sentence for Truglia
U.S. District Judge Alvin Hellerstein increased Nicholas Truglia's prison sentence to 12 years, noting his failure to repay $20.4 million owed to his victim. Initially sentenced to 18 months for participation in a $22 million cryptocurrency theft scheme, the judge emphasized that Truglia did not pay a cent.
Methods of Fraud
In 2021, Truglia pleaded guilty to stealing funds from a victim's accounts, being part of a group of hackers who deceived telecommunications workers into switching victims' phone numbers to SIM cards they controlled. They targeted Michael Terpin, CEO and founder of Transform Group, a PR firm for blockchain companies. Truglia was hired to convert the stolen assets into Bitcoin.
State of Crypto Crime in 2024
The crypto industry continues to suffer from cybercrime. According to TRM Labs, the illicit crypto volume reached approximately $44.7 billion in 2024. The TRON blockchain accounted for the majority of this activity, representing 58% of all illicit transactions. Despite leading in illegal activities, TRON also recorded the steepest decline in illicit volume, dropping by $6 billion from 2023.
Nicholas Truglia's sentence serves as a reminder of the serious consequences of cybercrime in the cryptocurrency sector, where the volume of illegal activity remains high.
