Crypto Investor Won $75 Million From Hacking Lawsuit

It has been reported that a U.S.-based cryptocurrency investor and entrepreneur Michael Terpin has recently won a lawsuit which netted him $75 Million USD in damages from a SIM-swapping fraud.

Terpin sued a New Yorker by the name of Nichola Truglia whom he accused of defrauded him of cryptocurrencies after gaining control of his cellphone number.

According to reports the California Superior Court has now ordered Truglia to pay Terpin $75.8 million in compensatory and punitive damages.

SIM-swap scams are executed by hackers by posing as the owners of victim’s mobile phone numbers, convincing telecom providers to grant them access to their calls and messages by issuing a SIM with the same number enabling the hackers to gain access to important information such as those held at crypto exchanges.

Aside from Truglia, Terpin also sued AT&T claiming the company failed to protect his cell phone data.