Indian Man Sentenced to 5 Years for Masterminding $9.5M Crypto Fraud
An Indian citizen, Chirag Tomar, has been sentenced to five years in prison for masterminding a cryptocurrency fraud scheme. The scheme involved a fake version of the Coinbase Pro website and resulted in the theft of $9.5 million.
Tomar, along with his accomplices, deceived hundreds of victims using the fraudulent trading platform. The scheme, which involved a fake Coinbase Pro website, was designed to steal cryptocurrency from unsuspecting users. Tomar used the stolen funds for lavish purchases, including luxury watches, high-end cars, and international trips. The use of fake websites and fraudulent transactions is becoming an increasingly popular method of crypto fraud in the industry, according to a Coinbase representative. Tomar was arrested in December 2023 at Atlanta's airport and pleaded guilty in April 2024 to creating the fake Coinbase site and stealing $9.5 million.
Tomar's sentencing serves as a warning to others involved in cryptocurrency fraud. The increasing prevalence of such schemes highlights the need for greater vigilance and security measures in the crypto industry.
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