US Judge Slaps Crypto Fraudster With Five-Year Prison Sentence Over $20,000,000 in Coinbase Spoofing Scheme
A US judge sentenced a crypto fraudster to five years in prison over charges stemming from a $20 million scheme involving a fake Coinbase website.
Chirag Tomar, an Indian national, facilitated a “spoofing” con that involved setting up a deceptive URL, CoinbasePro.Com, and creating a fraudulent webpage designed to mimic the popular crypto exchange’s site, per a press release from the U.S. Attorney’s Office for the Western District of North Carolina.
Tomar’s website tricked hundreds of victims into providing their actual Coinbase login and authentication information. The fraudster and his co-conspirators also schemed people into allowing fake Coinbase representatives to execute remote desktop software that granted the fraudsters access to their legitimate Coinbase accounts, even impersonating the exchange’s customer service representatives over the phone to secure two-factor authentication codes.
Tomar eventually moved victims’ crypto into his personal wallets and then transferred the digital assets into cash, which he distributed to his partners and used to purchase luxury cars, watches, and trips to Dubai and Thailand, among other locations.
US authorities arrested the fraudster last December, and he pled guilty to wire fraud conspiracy in May. District Judge Kenneth D. Bell sentenced Tomar to 60 months in prison followed by two years of supervised release.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
AI Agent: Does the product that became popular in the MeMe craze really have value?
AI Agent, as an auxiliary tool for smart contracts, may develop into a universal infrastructure tool if it can provide practical and tangible value.
Exclusive Interview with Gunzilla Games: How the "Game of the Year" Developer of "Off The Grid" Views Web3 Game Skepticism
In an interview, Theo Agranat, the Web3 Director of Gunzilla Games, discussed the barriers to widespread adoption of blockchain in video games, the regulations that may impact the industry in the future, and why skepticism will always accompany players.
The top three US spot Bitcoin ETF net inflows in 2024 are IBIT, FBTC, and ARKB
AAA Web3 game Seraph "Dark Seraph" is about to launch TGE