Crypto Asset Investor Receives $75.8 Million in SIM Swapping Case in California Superior Court
In the United States, the crypto investor Michael Terpin won $75.8 million in a civil case against Nicholas Truglia, who defrauded him of crypto assets. The information was reported by Reuters on May 10.
Crypto Investor Awarded With $75 Million
According to the report released by Reuters, the California Superior Court has ordered Truglia to pay for $75.8 million as compensation and punitive damages. This is one of the largest court judgments awarded to individuals in the crypto space.
The investor filed this complaint against Truglia in December. At the same time, he filled a lawsuit against AT&T in August as well. Terpin said the firm allowed the suspect to take control over his phone number. After it, the hacker was able to steal $24 million worth of virtual currencies.
The report explains that Truglia and other involved hackers were able to take control over Terpin’s tokens using his phone number and resetting passwords through his online accounts. Mr. Truglia was arrested back in November after stealing $1 million in crypto using SIM swapping.
There have been a large number of cases in which cryptocurrency users lost their funds due to hackers in the space. This is just one of the many different cases affecting users in the crypto market.
The U.S. Department of Justice has also released fifteen-count indictment back on May 9 related to a hacker group that swapped SIM cards to steal users with virtual currencies.