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 ActionFollow us on X, Facebook and TelegramSurf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post US Judge Slaps Crypto Fraudster With Five-Year Prison Sentence Over $20,000,000 in Coinbase Spoofing Scheme appeared first on The Daily Hodl.