Crypto scammer's sentence bumped to 12 years from 18 months for welshing on debt

Key Points

1. Nicholas Truglia was initially sentenced to 18 months in prison for SIM-swapping attacks targeting crypto investors.

2. Truglia failed to pay over $20 million in restitution to Michael Terpin, a victim of his 2018 scam.

3. Judge Alvin Hellerstein resentenced Truglia to 12 years for evading restitution obligations, which totaled $61,830,828.10.

4. SIM-swapping involves transferring a victim’s phone number to another SIM to gain unauthorized access to accounts, including crypto exchanges.

5. In 2018, Terpin lost $24 million in crypto due to Truglia's scam and later filed a $224 million lawsuit against AT&T.