Court Ruled a Crypto Theft Case in Favor of Investor Granting Him $75.8 Million

Michael Turpin,  a cryptocurrency enthusiast, an investor lost cryptocurrencies worth of $24 million back in 2017. He filed a case against the telecommunication network company AT&T stating that it is their negligence that had cost him such a hefty amount. After investigating the case, the police department was able to find a suspect- 21-year-old Nicholas Truglia.

He has committed six such thefts till now, and the amount that he stole from Turpin was highest. He used the SIM swapping technique to execute the crime. The third person will act as the owner of a particular number and gets access to all the messages that a particular person gets. This way he/she will be able to divert the One Time Passwords and also authenticate themselves as users. He has done six similar crimes and was caught once by the police for a $1 million worth theft.

Nicholas has discussed this theft with his friends via text messages. Police tracked these messages and were able to find Truglia.

In a text, he wrote  that

I am a millionaire. I am not kidding; I have 100 BitCoins.

His friend Chris Davis confirmed that Nicholas was the culprit and stated that Nicholas led a luxurious life with a private jet, Rolex watches, and sports cars.

The case was handled by California Superior Court, and the court has ruled the case in favor of Michael Turpin. Nicholas should pay a whopping amount of $75.8 million for Michael.

These kinds of SIM swapping techniques are not only confined to the cryptocurrency. They can also be used for banks too. It is advisable to be safe and alert.

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