Blockchain Investor Awarded Above $75 Million in SIM Swapping Case

Michael Terpin, US-based blockchain and cryptocurrency investor has won $75.8 million in a civil case against 21-year-old Nicholas Truglia, who supposedly defrauded him of virtual assets. The development was first reported by Reuters on May 10.

According to the report, the California Superior Court last week ordered Manhattan resident Truglia to pay the aforementioned amount in punitive and damages. Reuters notes that the amount is purportedly one of the largest court judgments awarded to an individual in the cryptocurrency and digital asset space thus far.

After the first filing, a lawsuit against AT&T last August, Terpin filed the complaint against Truglia in particular in late December, according to the previous reports. It is to be noted that Terpin accused the firm of inattention that purportedly allowed the suspect to achieve control over Terpin’s phone number and subsequently steal around twenty-four million USD worth of digital assets.

Truglia and other participants allegedly took control over Terpin’s tokens by transferring his phone number under their control. He subsequently reset his passwords and accessed his online accounts. Truglia was supposedly arrested in November for stealing one million US dollar worth of crypto assets also by means of SIM swapping.

As per the previous media reports, the United States Department of Justice released a 15-count indictment on May 9 that charges a hacking group dubbed “The Community” with SIM swapping in order to steal digital assets and cryptocurrencies.

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