The post Fake Coinbase Website’s Mastermind Sentenced to 60 Months in Prison appeared on BitcoinEthereumNews.com.

In a significant victory against cryptocurrency-related fraud, Chirag Tomar, the mastermind behind a fake Coinbase Pro website that defrauded victims of over $20 million, has been sentenced to 60 months in prison, according to a recent announcement by the U.S. Department of Justice (DOJ). Since June 2021, Tomar, along with his co-conspirators, orchestrated an elaborate scheme to counterfeit the Coinbase Pro website, stealing millions of dollars in cryptocurrency from hundreds of unsuspecting victims worldwide. The stolen funds were used to finance a lavish lifestyle, including the purchase of luxury vehicles, expensive watches, and international travel. The Scheme: How Tomar and His Team Defrauded Victims Counterfeiting the Coinbase Pro Website Tomar’s scheme involved creating a fake website that mimicked the official Coinbase Pro platform, one of the world’s leading cryptocurrency exchanges. Through sophisticated phishing tactics and online deception, Tomar and his team managed to lure victims into entering their login credentials on the counterfeit website. Once they gained access to the victims’ accounts, they drained millions in cryptocurrency, transferring the funds to wallets under their control. Global Impact: Victims Around the World The fraud had a global reach, with hundreds of victims across various countries falling prey to the fake website. Victims lost millions in cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and other digital assets. The wide-ranging impact of the scam underscores the importance of vigilance and security awareness in the rapidly evolving crypto space, where sophisticated phishing attacks continue to target investors and users of popular platforms like Coinbase. Tomar’s Lavish Spending Spree Luxury Cars and Watches Using the stolen funds, Tomar indulged in a lavish lifestyle. He purchased luxury vehicles such as Lamborghinis and Porsches, as well as high-end watches, including models from Rolex and Audemars Piguet. These extravagant purchases served as a stark contrast to the financial losses…

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Filed under: News - @ October 18, 2024 3:22 am