Indian man pleads guilty to creating fake Coinbase website and stealing $37 million

27 May 2024 2 minutes Author: Newsman

Chirag Tomar, a 30-year-old Indian national, has pleaded guilty in court to creating a fake Coinbase site that caused victims to lose more than $37 million. He faces up to 20 years in prison and a fine of $250,000.

Chirag Tomar orchestrated a sophisticated spoofing scheme that ran from June 2021 and included the creation of a fake site, CoinbasePro.Com. Fraudsters used various tactics to gain access to user accounts and transfer cryptocurrency assets to their wallets. The stolen funds were used to finance the lavish lifestyle of Tomar and his accomplices, including the purchase of luxury items and extravagant travel

One notable case involved a victim from the Western District of North Carolina who lost over $240,000. Tomar admitted that he controlled several cryptocurrency wallets that received hundreds of transactions of stolen cryptocurrency, totaling tens of millions of dollars. The stolen funds were converted into other forms of cryptocurrency or moved between different wallets and later converted into cash, which Tomar and his accomplices used to finance their lavish lifestyles.

Chirag Tomar pleaded guilty and faces a maximum penalty of 20 years in prison and a $250,000 fine. A sentencing date has not yet been set. The US Attorney praised the work of the US Secret Service and the FBI in the investigation of this case.

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