Man Sentenced to 12 Years in Prison for SIM Swapping to Steal $22 Million in Crypto

Huoxun Finance News, July 12, according to Techinasia, U.S. District Judge Alvin Hellerstein increased Nicholas Truglia's sentence to 12 years for failing to fulfill an agreement to pay $20.4 million in compensation to victims. Truglia pleaded guilty in 2021 and admitted to participating in a fraud case against Michael Terpin, CEO of blockchain consulting firm Transform Group. The fraud involved tricking telecommunications employees into transferring Terpin's phone number to a SIM card controlled by hackers to gain access to his cryptocurrency account. Truglia was responsible for converting the stolen funds into Bitcoin.