Home Ā» U.S. Investor Awarded $75 Million In Cryptocurrency Crime Case
Cryptocurrency

U.S. Investor Awarded $75 Million In Cryptocurrency Crime Case

Cryptocurrency

As stated by Reuters, Michael Terpin, a cryptocurrency investor and entrepreneur have recently won $75.8 million in a lawsuit against a 21-year-old man in civil judgment. The 21-year-old with other unknown persons was said to have defrauded Terpin of millions of crypto according to the court documentation.

The 21-year-old with the name Nicholas Truglia, a Manhattan resident was ordered by the Superior Court in California to compensate the crypto investor with the said sum in punitive damages. This judgement is said to be one of the largest court judgements in the crypto space awarded to an individual.

According to a cyber-security firm known as CipherTrace, the total losses for cryptocurrency theft and fraud related crimes increased in the first quarter of this year amounts to a whopping sum of $1.2 billion, thatā€™s a seventy percent increase from crypto related crimes in 2018.

Reuters reported that Terpin filed a civil complaints against Nicholas Truglia in January when he realised 3 million tokens were taken from his cell phone account in early 2018.

The three million tokens that was stolen at that time was worth $23.8 million, this was contained in a separate complaint filed by the investor with U.S. District Court in Los Angeles in August. The investor sued AT&T because it was his cell phone service provider.

What we deducted from several reports and statements from Terpin, the token was stolen when a fraudulent transfer which was carried out by Truglia and some unknown persons using the investorā€™s phone number. Once that was done, the perpetrators were able to access and change the password of his online crypto accounts that housed the tokens.


ā­ ā­

Apart from this case, Truglia have also been arrested for several other crimes which law enforcement agencies are still investigating. The crypto investor also added that apart from this lawsuit against Truglia, he is also preparing action against his fellow accomplices because he wants to make sure they are all brought justice.

Trugliaā€™s former friend, Chris David added in his testimony against him that Truglia lived a life of luxury before his arrest. He was said to have had multiple private jets, several Rolex wristwatches and sport cars which made law enforcement question the source of his income. They wanted to know if he had been defrauding other people or was involved in any form of shady business.

This is only the beginning for fraudsters like Truglia, with the way things are progressing, authorities will soon start arresting more people responsible for perpetrating scams like this and they would be duly punished according to state laws.

Source: https://kfgo.com/news/articles/2019/may/10/us-investor-awarded-75-million-in-cryptocurrency-crime-case/

About the author

Jo Arazi

Jo Arazi

Jo is a seasoned writer and analyst of the cryptocurrency market with several years of experience writing for various blogs and websites worldwide. He has worked with several crypto startups and is a supporter of credible crypto projects worldwide.

Add Comment

Click here to post a comment

The following GDPR rules must be read and accepted:
This form collects your name, email and content so that we can keep track of the comments placed on the website. For more info check our privacy policy where you will get more info on where, how and why we store your data.