You have not selected any currencies to display
HomeCrypto NewsFor taking part in the $37 million Coinbase spoofing scam, an Indian...

For taking part in the $37 million Coinbase spoofing scam, an Indian citizen faces 20 years in US prison

In order to steal over $37 million by impersonating cryptocurrency exchange Coinbase, an Indian national entered a guilty plea to wire fraud conspiracy in the United States. He and his accomplices set up a phony Coinbase Pro website where they stole two-factor authentication tokens and login passwords, then transferred the victims’ bitcoin to their own accounts.

Appears Guilty in $37 Million Coinbase Crypto Case Including Spoofing

On May 20, the Western District of North Carolina U.S. Attorney’s Office declared that Chirag Tomar, an Indian national, had entered a guilty plea to “federal charges for stealing more than $37 million through a spoofing scheme of the Coinbase website.” He entered the country on December 20 of last year and was taken into federal custody at the Atlanta airport.

According to the release, Tomar and his accomplices created a fictitious Coinbase Pro website with the intention of “stealing millions in cryptocurrency from hundreds of victims located worldwide and in the United States.” They tricked customers into inputting their login information and two-factor authentication codes by “spoofing” the Coinbase website. Because of this, the scammers were able to access the victims’ Coinbase accounts without authorization and move a sizable quantity of Bitcoin to wallets under their control.

As stated in the announcement:

Tomar entered a guilty plea to the charge of wire fraud conspiracy, which has a potential penalty of twenty years behind bars and a fine of $250,000.
The fraudulent scheme required careful preparation and implementation. Users may find it challenging to recognize the fraud since the phony website bore striking similarities to the real Coinbase Pro platform. Tomar and his group swiftly took advantage of the users’ entry of personal information to withdraw money from their accounts. After then, the pilfered bitcoin was utilized to pay for opulent purchases and trips abroad, underscoring the magnitude and complexity of the scam.

Court documents show:

Tomar spent the money from the victims to finance his opulent lifestyle, which included buying a Lamborghini and Porsche, a Rolex, and other pricey items. He also used the money to go to Dubai, Thailand, and other places.

LATEST POSTS

Donald Trump Promises to Stop Biden’s Anti-Crypto Agenda and Safeguard Bitcoin Free of charge Reilly Ulbricht

Donald Trump, the 45th President of the United States, has stated that he supports the cryptocurrency industry. He also pledged to "stop Joe Biden's crusade...

The UK approves the first Ethereum and Bitcoin ETPs to be listed on the London Stock Exchange with physical backing

Exchange-traded products (ETPs) for Bitcoin and Etherium that are physically backed have received approval from the Financial Conduct Authority (FCA), the leading financial regulator in...

Bitcoin vs Ethereum: A Comprehensive Comparison for Developers

In the world of cryptocurrencies, Bitcoin and Ethereum have emerged as two of the most prominent and influential players. Both Bitcoin (BTC) and Ethereum (ETH)...

Understanding the Resumption of Block Production on Shiba Inu’s Shibarium Network

Introduction In recent news, Shiba Inu's layer-2 blockchain network, Shibarium, has successfully resumed block production after a temporary pause. The Shibarium network experienced a surge in...

Most Popular