Crypto Blog
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.
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. 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.
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