Man has been sentenced to 12 years in prison for stealing $22 million in cryptocurrency in exchange for SIM cards
On July 12, 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 to participating in the fraud of Michael Terpin, CEO of blockchain consulting firm Transform Group. The plan gained access to Terpin's cryptocurrency account by deceiving telecom company employees into transferring his phone number to a hacker controlled SIM card. Truglia is responsible for converting stolen funds into Bitcoin.
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