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<ul class="wp-block-list">
 <li>Chirag Tomar stole over $20 million by spoofing the Coinbase Pro website.</li>
 <li>He was arrested at Atlanta airport and pleaded guilty to wire fraud conspiracy.</li>
</ul>
Chirag Tomar, a 31-year-old Indian Citizen, was <a href="https://www.justice.gov/usao-wdnc/pr/indian-national-sentenced-prison-20-million-dollar-fraud-scheme-involving-fake" target="_blank" rel="noopener noreferrer nofollow">sentenced</a> today to 60 months in prison for his role in a cryptocurrency spoofing scheme that defrauded victims of more than $20 million. U.S. District Judge Kenneth D. Bell issued the sentence in Charlotte, North Carolina. Tomar’s scheme involved hundreds of victims worldwide, including individuals in North Carolina. Following his prison term, Tomar will face two years of supervised release.&nbsp;
This sentencing comes after Tomar’s guilty plea on <a href="https://www.justice.gov/usao-wdnc/pr/indian-national-pleads-guilty-wire-fraud-conspiracy-stealing-over-37-million-spoofing" target="_blank" rel="noopener noreferrer nofollow">May 20, 2024</a>, where he admitted to the fraud, which began in 2021. Tomar and his co-conspirators orchestrated the spoofing scheme by creating a fake version of the Coinbase Pro website, CoinbasePro.com. Their goal was to deceive users into thinking they were accessing the legitimate platform.
Victims suffered significant financial losses. The fraudsters tricked victims into entering their login credentials by mimicking the URL and layout of the real Coinbase site.&nbsp; In February 2022, a victim in North Carolina attempted to access their Coinbase <a href="https://thenewscrypto.com/coinbase-announces-platform-downtime-for-upgrade-on-october-26-2024/" target="_blank" rel="noopener noreferrer nofollow">account</a> but was redirected to the fraudulent website.&nbsp;
<h3 class="wp-block-heading" id="h-details-of-the-crypto-scam-and-its-consequences">Details of the Crypto Scam and Its Consequences</h3>
Once victims input their information, the fraudsters gain control of their real Coinbase accounts. In some instances, victims were convinced to provide two-factor authentication codes over the phone to individuals posing as Coinbase customer service representatives. Once access was secured, the fraudsters swiftly transferred the victims’ cryptocurrency holdings to wallets controlled by Tomar and his associates.
Tomar used the proceeds from the fraudulent scheme to finance a lavish lifestyle. He purchased high-end items such as Rolex watches, and luxury vehicles, including Lamborghinis, and traveled to locations like Dubai and Thailand. According to court documents, after receiving the stolen cryptocurrency, Tomar converted it into different forms of <a href="https://thenewscrypto.com/how-the-fbi-initiated-its-crypto-token-operation-to-bust-fraud/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> or moved it between various wallets to conceal his actions. Eventually, the funds were converted into cash and distributed among Tomar and his co-conspirators.
Tomar was arrested at the Atlanta airport on December 20, 2023, after entering the United States. Since his arrest, he has remained in federal custody. On May 20, 2024, Tomar pleaded guilty to conspiracy to commit wire fraud, a charge that carries a maximum penalty of 20 years in prison and a $250,000 fine. However, Tomar received a 60-month sentence yesterday. The case was investigated by the U.S. Secret Service in Charlotte, with assistance from the FBI in Nashville. Highlighted Crypto News Today <a href="https://thenewscrypto.com/kraken-launches-new-wrapped-bitcoin-kbtc-as-competition-heats-up/" target="_blank" rel="noopener noreferrer nofollow">Kraken Launches New Wrapped Bitcoin kBTC as Competition Heats Up</a>

Indian Citizen Sentenced for $20M Crypto Spoofing Scheme

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