Crypto Scammer’s Sentence Jumps from 18 Months to 12 Years in $20M Fraud Case

Key Points

1. Nicholas Truglia, 27, was resentenced to 12 years in prison for his role in a $20.4 million crypto fraud scheme involving SIM-swapping.

2. Truglia's initial 18-month sentence was significantly increased after he failed to repay restitution, with the judge citing his lavish lifestyle despite having no job.

3. The fraud involved hijacking a victim's phone number to drain crypto accounts, resulting in a $24 million loss for blockchain investor Michael Terpin.

4. Truglia's legal team argued the new sentence was unlawful, calling it an 'extraordinary abuse of discretion,' and plans to appeal.

5. The case is part of a broader trend in the U.S. where crypto crimes are met with severe penalties, including other recent cases involving unlicensed Bitcoin businesses and funding terrorism.