A US judge has sentenced a crypto fraudster to five years in prison on charges stemming from a $20 million scheme involving a fake Coinbase website.
Chirag Tomar, an Indian national, facilitated a “spoofing” scam that involved setting up a deceptive URL, CoinbasePro.Com, and creating a fraudulent web page designed to mimic the popular crypto exchange’s site. press release of the United States Attorney’s Office for the Western District of North Carolina.
Tomar’s website has tricked hundreds of victims into providing their actual Coinbase login and authentication details. The fraudster and his co-conspirators also tricked people into allowing fake Coinbase representatives to run remote desktop software that gave the fraudsters access to their legitimate Coinbase accounts, even posing as customer service representatives over the phone of the exchange to secure two-factor authentication codes.
Tomar eventually moved the victims’ cryptocurrency to his personal wallet and then converted the digital assets into cash, which he distributed to his partners and used to buy luxury cars, watches and trips to places like Dubai and Thailand.
U.S. authorities arrested the fraudster last December and he pleaded 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.
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