Crypto Scamm......
Crypto Scammer’s Sentence Jumps from 18 Months to 12 Years in $20M Fraud Case
BlockchainScamsCrypto Regulation NewsBitcoin
A man convicted in a $22 million crypto fraud scheme saw his prison sentence sharply increased after failing to repay the money he owed his victim.
Nicholas Truglia, 27, who was initially sentenced to 18 months, received a new 12-year sentence on Thursday in a New York federal court. U.S. District Judge Alvin Hellerstein ordered the increase after ruling that Truglia had willfully ignored his obligation to pay back nearly $20.4 million in restitution.
“You paid not a cent, not one cent,” Judge Hellerstein told Truglia during the hearing. The judge further ordered an added 3-month supervised release while noting Truglia’s lifestyle. “You didn’t have a job, but you lived in splendor,” Judge Hellerstein said.
Judge Slams Crypto Fraudster’s Lavish Lifestyle in SIM-Swap Sentencing
According to the report from Bloomberg, Truglia’s legal team argued the new sentence was unlawful. His attorney, Mark Gombiner, said in court that the punishment was “an extraordinary abuse of discretion” and confirmed plans to appeal.
#breaking for real: Hacker Truglia sentenced to 12 years, more than double the guideline of 51 to 63 months, for not paying his $20 million restitution. Video of him speaking behind a mask cited and used. Appeal to follow – but remand to Marshals about to occur https://t.co/tWBdzgd4zT
— Inner City Press (@innercitypress) July 10, 2025
Arrested in the California Bay Area in 2018, Truglia pleaded guilty in 2021 to participating in a scheme that involved hijacking a victim’s phone number through SIM swapping and draining their crypto accounts.
The hackers exploited a telecom employee to gain control of Michael Terpin’s phone number. Terpin, a blockchain investor and CEO of Transform Group, suffered a loss of $24 million due to this scheme.
Notably, Truglia was tasked with converting stolen cryptocurrency into Bitcoin. In 2019, Terpin filed a civil lawsuit for $75 million against the scammer and was awarded the full amount in damages by the court.
That same year, he also took legal action against AT&T, his wireless carrier at the time, filing a $224 million lawsuit for their negligence. Their failure to secure his cell phone allowed the hackers to compromise it, resulting in his loss.
At the time of his initial sentencing, prosecutors revealed that Truglia held more than $50 million in assets, including cryptocurrency, luxury goods, and fine art. Gombiner told the court that his client had turned over all assets he could access, including funds from a Wells Fargo account.
Truglia claimed that much of his wealth remained locked in an inaccessible Bitcoin wallet. He told the judge he would repay the victim if he could access the funds.
Terpin, who joined the hearing by phone, rejected that explanation, calling it “a giant smoke screen.”
U.S. Ramps Up Enforcement as Crypto Crimes Lead to Decades-Long Sentences
In the U.S., crypto crimes continue to result in severe penalties. On May 23, Trung Nguyen, a Massachusetts man who ran an unlicensed cash-to-Bitcoin business, was sentenced to six years in federal prison.
His company, disguised as a vending machine operator, processed over $1 million in illicit cash, including funds for a known methamphetamine dealer.
Nguyen, who used the alias “DCS420,” was convicted in 2024 for money laundering and failing to register with FinCEN.
Just two weeks earlier, on May 9, Mohammed Azharuddin Chhipa received a 30-year sentence for sending crypto to ISIS operatives. U.S. prosecutors revealed that between 2019 and 2022, Chhipa funneled more than $185,000 to the terrorist group, funding fighters and prison escapes.
A federal judge sentenced Chhipa to over 30 years for funding ISIS through cryptocurrency, supporting fighter salaries, and prison breaks.#DOJ #CryptoCrimehttps://t.co/74BdhgaEjh
— Cryptonews.com (@cryptonews) May 9, 2025
His use of burner phones and fake identities ultimately failed to hide his tracks. He was caught attempting to flee and intercepted on an Interpol notice.
Meanwhile, the U.S. Department of Justice is pushing for a 20-year sentence for Alex Mashinsky, the former CEO of Celsius. Prosecutors say Mashinsky’s fraudulent practices cost investors $550 million, describing his actions as deliberate and self-serving.
Celsius founder Alex Mashinsky was sentenced to 12 years in prison for defrauding investors with false promises of high crypto returns.#Celsius #AlexMashinskyhttps://t.co/R4syyDiKaU
— Cryptonews.com (@cryptonews) May 9, 2025
He pled guilty in late 2024 after Celsius collapsed in mid-2022, freezing $4.7 billion in customer funds.
These back-to-back cases underscore mounting pressure from courts and regulators to address crypto misuse, whether through scams, market abuse, money laundering, or terrorism financing.
The post Crypto Scammer’s Sentence Jumps from 18 Months to 12 Years in $20M Fraud Case appeared first on Cryptonews.
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SharpLink Stock Soars as It Doubles Down on Ethereum Treasury Strategy
EthereumAdoptionSHARPLINK
Jul, 11, 2025
3 min read
by Amin Ayan
for Cryptonews

SharpLink Gaming, a publicly listed sports and online casino marketing firm, is rapidly positioning itself to become the largest corporate holder of Ethereum (ETH).
Key Takeaways:
SharpLink Gaming is rapidly accumulating Ethereum, with reserves reaching $612 million.
The company raised $64 million recently, allocating $37 million for further ETH purchases and staking.
SharpLink is on track to surpass the Ethereum Foundation as the largest corporate ETH holder.
The company has been purchasing tens of millions of dollars worth of ETH every day, according to Ethereum co-founder Joe Lubin, who also chairs SharpLink’s board and leads Consensys, a major Ethereum software developer.
At the current rate, SharpLink is on track to overtake the Ethereum Foundation, which currently holds around $725 million worth of the cryptocurrency. Nasdaq-listed Sharplink Gaming’s shares are up over 8% in pre-market today.
SharpLink’s Ethereum Holdings Reach $612 Million
As of Thursday, SharpLink’s Ethereum reserves stood at $612 million.
“We are accumulating more and more consistently — we’re able to acquire tens of millions of dollars in Ether a day,” Lubin told CNBC.
The aggressive accumulation marks a new chapter for SharpLink. CEO Rob Phythian revealed in May that the company would expand beyond its traditional business, selling approximately $425 million in stock to investors including Consensys.
The proceeds are earmarked for Ethereum purchases, establishing ETH as SharpLink’s primary treasury reserve asset.
This approach echoes that of Strategy, a software firm that has amassed $67 billion in Bitcoin since 2020.
Following SharpLink’s announcement, its stock price surged nearly 2,700%, peaking at $124 on May 30.
However, the price later plunged by 75% after an SEC filing allowed insiders to sell shares.
Lubin clarified on social media that neither he nor Consensys has sold any shares and described the filing as standard.
Between June 28 and July 4, SharpLink raised $64 million, committing $37 million of it to further Ethereum purchases.
The company has also staked its entire ETH holdings, earning 322 ETH in staking and restaking rewards since early June.
According to the Strategic ETH Reserve tracker, 46 entities hold more than 1.3 million ETH collectively worth over $3.6 billion.
SharpLink currently ranks second among corporate holders, behind the Ethereum Foundation and ahead of Coinbase and others.
After dipping below $10 in mid-June, SharpLink’s stock has rebounded to $18. Meanwhile, Ethereum’s price reached $2,967 on Thursday, its highest level since early February.
More Public Companies Diversify into Crypto
Following the model pioneered by Michael Saylor’s Strategy, more public companies are diversifying into crypto holdings that include BTC, ETH, SOL, and XRP.
Just recently, BIT Mining announced plans to raise between $200 million and $300 million to build a Solana (SOL) treasury as part of a broader expansion into the fast-growing blockchain ecosystem.
Last week, DeFi Development Corp. revealed that it has acquired $2.7 million worth of Solana as part of its aggressive crypto treasury strategy.
Likewise, Canadian digital asset firm Sol Strategies, already trading on the Canadian Securities Exchange, holds over 420,000 SOL tokens, positioning itself as a significant institutional player in Solana’s ecosystem.
Last month, the firm also filed to list its common shares on the Nasdaq Capital Market under the ticker “STKE” as it ramps up its U.S. expansion.
The post SharpLink Stock Soars as It Doubles Down on Ethereum Treasury Strategy appeared first on Cryptonews.
Read the article atCryptonews
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