Latest News, Local News, International News, US Politics, Economy

Scammer Steals Over $20 Million in Cryptocurrency Using SIM Swapping

A fraudster faces 18 months in prison after stealing more than $20 million in cryptocurrency.

The culprit employed the SIM switching approach to dupe his victim, blockchain adviser Michael Terpin. The arrest of Nicholas Truglia was verified by the US Department of Justice.

Woman Steals Over $20 Million in Cryptocurrency

“Through a complex SIM swap scheme, Nicholas Truglia and his associates stole a staggering amount of cryptocurrency from the victim,” said US Attorney Damian Williams in an official report.

Truglia, 25, is accused of being a part of a SIM-swapping ring. According to the DOJ, Truglia pled guilty to Count One of the Indictment, as well as additional submissions and comments made in Court.

According to officials, a SIM-swapping group approached Truglia to change Terpin’s Trigger tokens into Bitcoin. They did so after breaking into the victim’s mobile device in 2018. Truglia was the only one facing criminal accusations at the time of publication.

Other SIM-swapping gang members are still on the loose. If you’re wondering why the crypto fraudster only faces 18 months in jail, the DOJ says it’s because he has autism.

According to defense attorney Jeffrey Udell, the man’s autism made it difficult for him to appreciate the real-world repercussions of the deception he committed.

READ MORE: Fraudulent Apps That More Than 2 Million Android Users Install

How to Avoid Scam?

Scammer-Steal- $20 Million-Cryptocurrency-Sim
A crypto fraudster faces 18 months in prison after stealing more than $20 million in bitcoins.

Williams stated that Truglia’s sentence demonstrates that no matter how difficult a theft is, they will be able to prosecute fraudsters.

Although the DOJ is making significant efforts to apprehend cybercriminals, it is preferable if you can avoid being a victim. 

Remember that prevention is always preferable to treatment. This applies to everything, including becoming a victim of fraud.

To assist you, here are some pointers on how to prevent SIM-swapping scams: 

  • Always inquire about your service provider’s Port Freeze or Number Lock features.
  • Reduce the amount of personal information you post or send online. 
  • To protect your SIM, always use security features such as passwords, PINs, facial recognition, fingerprint scanners, and so on.

Various scamming campaigns continue to take place around the world. This is why it is critical to be aware of effective anti-scam strategies.

The FBI has issued a warning regarding crypto ATM fraud. A 17-year-old in the United Kingdom set up a bogus website to steal money and acquire bitcoins.

READ MORE: $20 Million in COVID-19 Humanitarian Funds Stolen by Chinese Government-Linked Hackers, Secret Service Claims

Leave A Reply

Your email address will not be published.