A US judge has sentenced a cryptocurrency fraudster to five years in prison for charges stemming from a $20 million scheme involving a fake Coinbase website.
Chirag Tomar, an Indian national, set up a deceptive URL called CoinbasePro.Com, a fraudulent web page designed to mimic the site of a popular cryptocurrency exchange, according to a press release from the U.S. Attorney's Office. Facilitated “identity” fraud, such as creating a Western District of North Carolina.
Tomar's website tricked hundreds of victims into providing their real Coinbase login information and credentials. The scammers and their co-conspirators also have fake Coinbase representatives run remote desktop software to trick people into giving the scammers access to their legitimate Coinbase accounts and secure their two-factor authentication codes. He also pretended to be an exchange customer service representative on the phone.
Tomar eventually transferred the victims' cryptocurrencies to his own personal wallet and transferred the digital assets to 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 in December last year and pled guilty to conspiracy to commit wire fraud 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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