TechFlow news, on October 18, the U.S. District Court for the Western District of North Carolina sentenced Indian national Chirag Tomar (31) to five years in prison and two years of probation for orchestrating a cryptocurrency fraud scheme exceeding $20 million by forging the Coinbase exchange website.
U.S. prosecutors stated that since June 2021, Tomar and his accomplices defrauded hundreds of victims worldwide through counterfeit websites mimicking Coinbase Pro—using similar domains such as CoinbasePro.com. The fraud ring stole users' login credentials via phishing sites or impersonated customer support agents to trick victims into revealing two-factor authentication codes, thereby gaining unauthorized access to their real Coinbase accounts and transferring their cryptocurrencies.
In February 2022, a victim in the Western District of North Carolina lost over $240,000 worth of cryptocurrency after logging into a fake website. Tomar converted the stolen digital assets into cash, using the proceeds to purchase luxury watches, high-end vehicles, and lavish trips.
Tomar was arrested upon arrival at Atlanta Airport on December 20, 2023, and pleaded guilty on May 20, 2024.
