Victim Of Cryptocurrency Scam Gets A Compensation Of $75.8 Million In A Record Setting Judgement

Victim Of Cryptocurrency Scam Gets A Compensation Of $75.8 Million In A Record Setting Judgement

Sci-Tech By Tricky Brick / March, 29, 2024

Tech entrepreneur Michael Terpin was scammed for $23.8 million in cryptocurrency. The incident took place in January 2018 as an operation called SIM swapping took place. This maneuver was planned by a Gen-Z hacker, the gang is allegedly led by Nicholas Truglia. He is a 21-year-old techy who lives in a luxury apartment in Manhattan.

Truglia and his tech-smart gang switched Terpin’s identity from SIM card in his blackberry to their blank SIM in one of their phones. That is how they accessed his phone and reached his personal information. That is where they found the code to his cryptocurrency account.

In a matter of seconds, they transferred $23. 8 million into their online account.

Within the next 48 hours, they had complete control over the account. The scam was then registered and the case went on till May of 2019.

On May 13, 62-year-old Nevada got his payback. The Los Angeles Superior Court announced that the amount will be given back to him with an additional $50 million or more. Hence, he got $75.8 million in a record-setting cyber-crime default judgment.

Terpin then said in a press conference that he is happy that the cybercrime is still very much crime and people can’t get away with it. He further stated, “Truglia did not act alone, and we are preparing actions against other gang members we have identified with the help of law enforcement and our own investigations.”

With such scams of cryptocurrency, we need better security and a defense system to save our money from so-called “tech-smart” hackers.

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