PANews reported on July 11 that according to The Block, cryptocurrency fraudster Nicholas Truglia was sentenced to 12 years in prison for failing to pay compensation related to a $20 million scam. In December 2022, he was sentenced to 18 months in prison for participating in a SIM card swap scam, illegally obtaining a cryptocurrency wallet containing $20 million in assets, and assisting in transferring funds to Bitcoin. At that time, he had served 12 months and admitted to conspiracy to commit wire fraud.

A previous hearing revealed that Truglia held more than $53 million in assets and agreed to pay more than $20 million in compensation. However, court documents stated that he did not pay a penny, but instead bought $92,000 in luxury goods. Judge Alvin Hellerstein pointed out that Truglia did not pay compensation and evaded law enforcement, and a re-sentencing was appropriate. On July 9, Truglia's lawyer argued that he had handed over all his valuable assets to fulfill his compensation obligations, and the re-sentencing violated his due process and rights to be free from double jeopardy.