U.S. investor gets $75 million in crypto lawsuit
A U.S. crypto investor has been awarded $75 million in damages in a lawsuit, as reported by Reuters. Entrepreneur Michael Terpin was the victim of a scam run by a 21 year-old Manhattan resident, Nicholas Truglia.
Truglia and his associates were able to hack a phone belonging to Terpin, and stole around three million crypto tokens, worth $23.8 million at the time. They were able to do this after changing passwords. Terpin was initially suing his mobile phone service provider AT&T.
Truglia was invested back in November for this and six other charges, which continue to be investigated by law enforcement.
A judge at the California Superior Court ordered Truglia to pay back the funds for the stolen crypto, as well as millions dollars of further compensation for damages. This is one of the largest settlements ever seen in a crypto-related lawsuit.
