Nicholas Truglia, from Florida, USA, was sentenced to 18 months in jail for stealing greater than $20 million in a SIM card swapping scheme.
The DoJ introduced that Nicholas Truglia (25) was sentenced to 18 months in jail for stealing greater than $20 million value of cryptocurrency through SIM swapping assaults. The person was ordered to pay $20,379,007 in restitution to the sufferer inside 60 days.
“Nicholas Truglia and his associates stole a staggering quantity of cryptocurrency from the sufferer by way of a posh SIM card swapping system.” mentioned U.S. Lawyer Damian Williams. “Nonetheless, at this time’s sentencing reveals that irrespective of how advanced the crime, this Bureau will proceed to efficiently prosecute those that select to defraud others.”
In January 2018, Truglia participated in a fraudulent scheme to hack victims’ on-line accounts with a purpose to steal cryptocurrency. The person gained unauthorized entry to victims’ on-line accounts by way of SIM card swapping assaults.
Scammers perform SIM swapping assaults to take management of victims’ cellphone numbers, tricking cell operator staff into transferring them to SIM playing cards beneath the fraudsters’ management. As soon as a SIM card is hijacked, attackers can steal cash, cryptocurrencies, and private info, together with contacts synced to on-line accounts. Criminals might hijack social media accounts and circumvent SMS-based 2FA companies utilized by on-line companies, together with monetary companies.
In accordance with the indictment, considered one of Truglia’s compromised accounts contained greater than $20 million value of cryptocurrency, which was transferred to accounts beneath his management.
The person shared the funds with different members within the scheme and saved roughly $673,000 of the stolen funds.
The account compromised by Truglia belonged to cryptocurrency investor Michael Terpin, who filed a lawsuit claiming that three million tokens value $23.8 million had been stolen from his mobile phone in 2018. Could 2019, Terpin gained $75.8 million in a civil case towards Truglia. , who allegedly defrauded him of crypto property.
Truglia pleaded responsible on the finish of 2021 and was sentenced final week to 18 months in jail and three years of supervised launch. He was additionally ordered to forfeit $983,010.72.
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Pierluigi Paganini
(Safety instances – hacking, SIM card swapping)
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