Indian National Sentenced to 5 Years for $20M Coinbase Fraud
Chirag Tomar, a 31-year-old Indian citizen, was sentenced to five years in federal prison for orchestrating a cryptocurrency fraud scheme that defrauded hundreds of victims out of more than $20 million.
U.S. District Judge Kenneth D. Bell handed down the sentence, which also included two years of supervised release.
Scammers Imitate Coinbase to Steal Millions
According to court documents, Tomar and his co-conspirators executed the fraud by “spoofing” a website designed to imitate the legitimate cryptocurrency exchange Coinbase.
From June 2021, the group set up a fraudulent version of the exchange’s professional trading site, Pro.Coinbase.com, using a fake URL, CoinbasePro.com. Victims who attempted to log into their Coinbase accounts were tricked into providing their login credentials.
One of the tactics used involved impersonating Coinbase customer service representatives and convincing victims to hand over two-factor authentication (2FA) codes. In other instances, fraudsters instructed these individuals to install remote desktop software that would give them full control of their computers.
Tomar used the ill-gotten credentials to access multiple victim accounts and transfer funds to wallets under his control. He then converted the cryptocurrency into other digital assets, moving them between several wallets to hide the transactions. Eventually, the funds were converted into cash and distributed amongst the criminal group.
The 31-year-old used the stolen money to fund a lavish lifestyle, purchasing luxury watches like Audemars Piguet, high-end vehicles like Lamborghinis and Porsches, and traveling to destinations such as Dubai and Thailand.
$240,000 Theft and Arrest
The scheme impacted targets from all over the world, including those based in North Carolina’s Western District. In February 2022, a local attempted to access his Coinbase account through the spoofed site. The fake website instantly alerted them that their account was locked and directed them to call a number provided to reach a fake Coinbase representative.
The supposed representative then deceived them into giving up their 2FA details. This allowed the fraudsters access to their target’s legitimate Coinbase account. With this information, the criminals stole over $240,000 worth of cryptocurrency from the account’s associated wallet.
It is not the first time such incidents have occurred. In 2021, authorities charged Soufiance Oulahya with stealing $450,000 in cryptocurrencies and NFTs from a Manhattan victim by spoofing the OpenSea marketplace.
Additionally, Convex Finance had to introduce two alternative new URLs after its DNS was hijacked in a spoofing attack, which caused users to approve malicious contracts unknowingly. Following confirmation of the hijack, Convex revealed that five wallets had been affected, though verified contracts remained secure.
The menace isn’t confined to crypto alone. In 2020, JP Morgan was fined nearly $1 billion by U.S. authorities for its spoofing practices in metals futures and Treasury securities after being implicated in the FinCEN files for allegedly laundering as much as $2 trillion worth of “dirty money.”
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
#Indian #National #Sentenced #Years #20M #Coinbase #Fraud
News plays a pivotal role in our lives by keeping us informed and connected to the world. It serves as a critical source of information, offering updates on current events, politics, economics, science, and more. Through news, we gain awareness of global issues and local developments, helping us make informed decisions in our personal and professional lives. News also fosters discussion and debate, encouraging critical thinking and perspective-taking. Moreover, it promotes transparency and accountability among governments, businesses, and other institutions. In a rapidly changing world, staying updated with the news enables us to adapt to new challenges and opportunities, shaping our understanding of the complexities of society. Ultimately, news is not just about information; it empowers us to participate actively in the world around us, contributing to a more informed, engaged, and responsible global citizenry.
Health is fundamental to our well-being and quality of life, making it an essential aspect of daily existence. It encompasses physical, mental, and emotional aspects, influencing our ability to function effectively and enjoy life fully. Prioritizing health allows individuals to maintain optimal physical fitness, reducing the risk of diseases and promoting longevity. Mental health, equally crucial, affects our cognitive abilities, emotional stability, and overall happiness. Investing in preventive healthcare through exercise, balanced nutrition, and regular medical check-ups helps in early detection of potential health issues, ensuring timely intervention and treatment. Beyond individual benefits, a population’s health impacts societal productivity and economic stability. Governments and organizations worldwide emphasize public health initiatives to address pandemics, health disparities, and promote overall well-being. Ultimately, health serves as the foundation upon which we build our lives, influencing our ability to pursue goals, nurture relationships, and contribute meaningfully to society.
Money plays a crucial role in our lives as a means of financial security and freedom. It enables us to meet basic needs such as food, shelter, and healthcare, while also providing opportunities for education, travel, and personal growth. Beyond material comforts, money facilitates social connections and experiences that enrich our lives. It empowers individuals to invest in their futures, whether through savings, investments, or entrepreneurial ventures, thereby fostering economic stability and growth. However, the pursuit of wealth should also be balanced with ethical considerations, as money can influence relationships and societal dynamics. Responsible management of finances is key to achieving long-term goals and mitigating financial stress. Ultimately, while money is a tool for achieving aspirations and fulfilling desires, its true value lies in how it is utilized to improve both personal well-being and the broader community.
Earning Easy Money in 2024: Opportunities and Considerations 💸
In 2024, the landscape of earning easy money presents diverse opportunities, albeit with considerations. The digital age offers platforms for freelancing, online trading, and e-commerce, allowing individuals to leverage skills and creativity for financial gain. Cryptocurrency investments continue to allure with potential for quick profits, yet they entail high volatility and risk. Moreover, the rise of the gig economy enables flexible work arrangements through apps and websites, offering quick payouts but often without job security or benefits. Passive income streams such as rental properties and investments in stocks or bonds remain viable, but demand initial capital and ongoing management. Amid these options, caution is essential to avoid scams and unsustainable ventures promising overnight success. Ultimately, while the allure of easy money persists, informed decisions, diligence, and a long-term perspective are crucial for sustainable financial growth and security in the dynamic year ahead.
