Indian Man Admits to $9.5 Million Cryptocurrency Fraud Using Fake Coinbase Website
Crypto News Terminal20 Apr, 2024
Indian Man Admits to $9.5 Million Cryptocurrency Fraud Using Fake Coinbase Website
**Indian Man Pleads Guilty to Massive Coinbase Phishing Scam** Chirag Tomar, an Indian citizen, has admitted guilt to fraud and money laundering charges stemming from the creation of a fake Coinbase Pro website. Tomar's fraudulent scheme defrauded over 542 victims of a staggering $9.5 million in cryptocurrency before his arrest at Atlanta's airport in December 2023. Tomar's modus operandi involved meticulously crafting a counterfeit version of Coinbase's Pro platform, luring unsuspecting victims to surrender their login credentials. With access to their accounts, he ruthlessly pilfered their cryptocurrency holdings. The illicit gains from his fraudulent activities were reportedly used to finance a life of luxury. If convicted, Tomar faces a potential 20-year prison sentence for his heinous crimes. This case underscores the importance of vigilance and caution when dealing with cryptocurrency transactions, particularly on unfamiliar or suspicious websites. **Previously on [April 19, 2024],** Indian national Chirag Tomar was arrested for defrauding hundreds of victims through a fake Coinbase website, stealing over $9.5 million in cryptocurrency.
