Investor Awarded $75 Million in Civil Lawsuit Against 21-Year-Old Who Stole His Crypto

Francisco Memoria

Michael Terpin, a U.S. entrepreneur and cryptocurrency investor who’s seen SIM swappers steal millions worth of cryptocurrency from him, has recently been awarded $75.8 million in a civil judgment against a man who was reportedly part of a scheme to defraud him.

According to Reuters, the California Superior Court last week ordered Nicholas Truglia, a 21-year-old New York resident, to pay the amount in compensatory and punitive damages, making this one of the largest judgements awarded to an individual in a cryptocurrency-related case.

Speaking to the news outlet, Terpin noted he filed the civil complaint back in January, after seeing three million tokens get stolen from his cryptocurrency wallet over a SIM swapping attack in early 2018.

At the time, the tokens were reportedly worth around $23.8 million. This, according to a complaint Terpin filed with the U.S. District Court in Los Angeles back in August, in which he sued AT&T, his service provider, for “gross negligence” that caused him to lose the funds.

Truglia and other hackers reportedly fraudulently transferred Terpin’s phone number to a phone they controlled, to then reset the passwords of his online accounts and ultimately steal his cryptocurrency.

Truglia himself was arrested in November of last year, in connection with six other crimes that saw him be accused of stealing $1 million worth of cryptocurrency through SIM swapping techniques.