Crypto Thief Gets 12-Year Sentence for $20M SIM-Swap Attack
Crypto thief Nicholas Truglia received a 12-year prison term after failing to repay over $20M stolen in a 2018 SIM swap attack. U.S. District Judge Alvin K. Hellerstein upgraded Truglia’s original 18-month sentence and supervised release from 2022 when the convicted crypto thief evaded collection efforts, moved stolen funds into Bitcoin, and splurged on luxury goods.
Court documents detail how Truglia intercepted security codes from entrepreneur Michael Terpin’s accounts. His public boasts about keeping the stolen crypto led the judge to exceed federal guidelines. This case highlights growing legal scrutiny of digital asset theft, the persistent risk of SIM swap attacks, and the judiciary’s resolve to enforce restitution in crypto crime cases.
Neutral
The 12-year sentence for Nicholas Truglia is unlikely to move Bitcoin prices directly, as it reflects legal enforcement rather than market fundamentals. In the short term, traders may note heightened risk awareness around SIM swap vulnerabilities, but the ruling does not alter Bitcoin’s supply or demand. Over the long term, stronger legal deterrence could improve institutional confidence by reducing theft risks, supporting a neutral outlook on market stability.