Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
US Judge Slaps Crypto Fraudster With Five-Year Prison Sentence Over $20,000,000 in Coinbase Spoofing Scheme

US Judge Slaps Crypto Fraudster With Five-Year Prison Sentence Over $20,000,000 in Coinbase Spoofing Scheme

Daily HodlDaily Hodl2024/10/18 16:00
By:by Conor Devitt

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

0

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.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!