U.S. Sentences Crypto Fraudster to 5 Years in Prison for Coinbase Scheme
Chirag Tomar, a citizen of India, has been sentenced to five years in prison for his involvement in a large-scale crypto scheme that defrauded Coinbase users. The sentence was handed down by U.S. District Judge Kenneth D. Bell, who also ordered Tomar to serve two years of supervised release.
Tomar and his anonymous co-conspirators executed the scheme over several years, beginning in 2021, and managed to steal over $20 million in digital assets. They accomplished this by creating fake websites with URLs similar to Coinbase’s, tricking unsuspecting users into entering their login credentials and authentication information. In some cases, victims were also deceived into allowing the fraudsters to remotely control their computers and access their legitimate Coinbase accounts.
To further deceive victims, Tomar and his accomplices posed as Coinbase representatives over the phone and convinced users to transfer funds to them. Once they gained access to the victims’ accounts, they quickly transferred the stolen funds into their own wallets.
Tomar went to great lengths to cover his tracks, shuffling the cryptocurrencies among hundreds of different wallets under his control. This allowed him to receive tens of millions of dollars in illicit funds, which he later converted into cash and distributed among the other scammers.
Authorities discovered that Tomar and his co-conspirators used the stolen money to fund a lavish lifestyle, purchasing expensive watches, luxury vehicles, and even taking trips overseas.
Tomar’s arrest took place in December 2023, and he pleaded guilty to wire fraud conspiracy in May 2024. This charge carries a maximum sentence of twenty years. However, the judge ultimately sentenced him to five years in prison.
It remains to be seen which federal correctional facility Tomar will be assigned to serve his sentence.
[Original Article: https://www.cryptonews.com/news/u-s-sentences-crypto-fraudster-to-5-years-in-prison-for-coinbase-scheme-16084.htm]
