365Crypto
Man Sentenced to 5 Years for $20 Million Scam with Fake Coinbase Website
A man from India, Chirag Tomar, has been sentenced to five years in prison after scamming Coinbase users out of $20 million through fake websites that looked just like Coinbase Pro. Tomar’s team used the scam to steal login details and trick users into giving access to their crypto accounts.
How Did He Do It?
Tomar and his crew created websites that looked identical to Coinbase Pro, fooling users into entering their login info. In some cases, they even had fake customer service reps convince victims to let them access their computers remotely. One unlucky person from North Carolina lost over $240,000 because of the scam.
Spending Big on Luxury
Tomar lived large on the stolen money, buying luxury cars like Lamborghinis and Porsches, along with expensive watches. He also took trips to Dubai and Thailand. His scheme ran from 2021 until his arrest in 2023.
The Justice Department originally thought the losses could be as high as $37 million. While Tomar faced up to 20 years in prison, he ended up getting five years after pleading guilty. His partners in crime haven’t been identified yet.
Coinbase eventually closed down the Coinbase Pro site, merging its features into the main Coinbase platform.
