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According to a report by TechinAsia on July 12, the U.S. District Judge Alvin Hellerstein has increased Nicholas Truglia's sentence to 12 years due to his failure to comply with the agreement to pay $20.4 million in restitution to the victims. Truglia pleaded guilty in 2021, admitting to his involvement in the scam against Michael Terpin, the CEO of the blockchain consulting firm Transform Group. The scheme involved deceiving telecom employees to transfer Terpin's phone number to a SIM card controlled by hackers, thereby gaining access to his crypto assets account. Truglia was responsible for converting the stolen funds into Bitcoin.

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