Crypto Scammer Gets 18 Months Behind Bars: Report

A 25-year-old hacker, Nicholas Truglia, is facing charges for conducting a crypto fraud last year and is set to suffer over 18 months of jail.

According to Bloomberg News, Nicholas Truglia, a 25-year-old hacker, faced charges for conducting a crypto fraud last year and is now sentenced to 18 months in jail.

According to the U.S. department of justice, United States Attorney for the Southern District of New York, Damian Williams said that Nicholas Truglia was given an 18-month jail term for his role in the fraud of over $20 million worth of cryptocurrencies in a SIM swap attack of and was also compelled to pay $20,379,007 in compensation to the Victim within 60 days. Alvin K. Hellerstein, a federal district judge, handed down a conviction and sentence against Truglia.

U.S. Attorney Damian Williams stated: 

“Nicholas Truglia and his associates stole a staggering amount of cryptocurrency from the victim through a complex SIM swap scheme. Nevertheless, today’s sentencing goes to show that no matter how sophisticated the crime is, this Office will continue to successfully prosecute those who choose to defraud others.”

Truglia, whose holdings include $53 million in cryptocurrency, art, and jewelry as the hearing showed, had been facing up to 63 months, and has already spent 12 months of the punishment as reported by The Block.

According to Count One of the Indictment, to which Truglia pled guilty, the Florida Man executed a cyber breach of online accounts of the victim in an effort to steal cryptocurrencies in or around January 2018. 

During the course of the plan, participants in the scheme gained unauthorized entrance to online accounts of the victim by a cyber intrusion technique referred to as “SIM swapping.” Finally, the threat actors exploit their newfound control of the victim’s mobile phone number to break into the victim’s accounts that are tied to the number.

Similar Crypto Fraud Incidents On A Rise

In a recent incident, a person in the Netherlands has also been held on suspicion of utilizing bitcoin for the intention of money laundering. The prosecution alleges that there were linkages to economic activity on the dark web.