Crypto Fraudster Nicholas Truglia Sentenced to 12 More Years for $20 Million Bitcoin Scam Restitution Failure

Nicholas Truglia, a convicted figure in the cryptocurrency fraud landscape, has been handed an additional 12-year prison sentence for failing to fulfill restitution obligations tied to a $20 million crypto scam, as reported by The Block on July 11. Initially sentenced to 18 months in December 2022, Truglia’s case underscores the increasing legal scrutiny surrounding crypto-related financial crimes.

The U.S. Department of Justice detailed Truglia’s involvement in a sophisticated scheme that exploited SIM swapping techniques to gain unauthorized access to victims’ cryptocurrency wallets valued at $20 million. By hijacking mobile phone numbers, Truglia facilitated the transfer and conversion of stolen assets into Bitcoin, amplifying the complexity of the fraud.

Having pleaded guilty to conspiracy to commit wire fraud, Truglia served a portion of his original sentence and committed to repaying over $20 million in restitution. This case highlights the critical importance of robust cybersecurity measures and regulatory enforcement in protecting digital asset holders from evolving threats.

‘,
‘

🔒 Secure and Fast Transactions
Diversify your investments with a wide range of coins. Join now!

‘,
‘

💎 The Easiest Way to Invest in Crypto
Dont wait to get started. Click now and discover the advantages!

‘
];

var adplace = document.getElementById(“ads-binance”);
if (adplace) {
var sessperindex = parseInt(sessionStorage.getItem(“adsindexBinance”));
var adsindex = isNaN(sessperindex) ? Math.floor(Math.random() * adscodesBinance.length) : sessperindex;
adplace.innerHTML = adscodesBinance[adsindex];
sessperindex = adsindex === adscodesBinance.length – 1 ? 0 : adsindex + 1;
sessionStorage.setItem(“adsindexBinance”, sessperindex);
}
})();