U.S. Court Increases Sentence for Nicholas Truglia in Cryptocurrency Fraud Case

According to PANews, U.S. District Judge Alvin Hellerstein has extended Nicholas Truglia's prison sentence to 12 years due to his failure to comply with a restitution agreement of $20.4 million to the victim. Truglia had pleaded guilty in 2021 to his involvement in a fraud scheme targeting Michael Terpin, CEO of blockchain consulting firm Transform Group. The scam involved deceiving telecom employees into transferring Terpin's phone number to a hacker-controlled SIM card, granting access to his cryptocurrency accounts. Truglia was responsible for converting the stolen funds into Bitcoin.