A crypto scammer is now facing 18 months in prison after he stole over $20 million in cryptocurrencies.
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A visual representation of the digital Cryptocurrency, Bitcoin alongside US Dollars on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile.
The perpetrator used the SIM swapping technique to fool his victim, Michael Terpin, a blockchain adviser.
The U.S. Department of Justice confirmed the arrest of Nicholas Truglia.
"Nicholas Truglia and his associates stole a staggering amount of cryptocurrency from the victim through a complex SIM swap scheme," said U.S. Attorney Damian Williams via DOJ's official report.
Crypto Scammer Steals Over $20 Million in Crypto!
According to Engadget's latest report, Truglia is a 25-year-old, allegedly a member of a SIM-swapping gang.
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DOJ said that Truglia pled guilty in the Count One of the Indictment and other submissions and statements made in the Court.
Officials said that a SIM-swapping gang asked Truglia to convert the Trigger tokens of Terpin into Bitcoin.
They did this after breaching the victim's mobile device back in 2018. As of press time, Truglia is the only one facing criminal charges.
Other members of the SIM swapping group are still on the loose. If you are wondering why the crypto scammer only faces 18 months in prison, the DOJ said that this is because the malicious actor has autism.
Defense Attorney Jeffrey Udell confirmed this, saying that the man's autism made it harder for him to understand the real-world consequences of the scam he did.
How to Avoid SIM Swapping Scam
Williams said that the imprisonment of Truglia shows that no matter how complex a theft is, they will still be able to prosecute fraudsters.
Although the DOJ is making drastic efforts to catch cybercriminals, it is better if you can avoid becoming victims.
Remember, prevention is always better than cure. This applies to all things, including becoming a scamming victim.
To help you with this, here are some tips on how to avoid SIM-swapping scams:
- Always ask your service provider for their Port Freeze or Number Lock features.
- Limit the personal information you post or send online.
- Always rely on security features, such as passwords, PINs, facial recognition, fingerprint scanners, etc., to protect your SIM.
Various scamming campaigns are still happening across the globe. This is why it is important to ensure you know efficient anti-scam tips.
Recently, the FBI warned about the crypto ATM scam.
In the United Kingdom, a 17-year-old created a fake website to steal money and buy cryptocurrencies.
For more news updates about crypto scams and other related cybersecurity threats, always keep your tabs open here at TechTimes.
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