On Dec 20, 2023, Indian national Chirag Tomar was arrested at the Atlanta airport over charges of stealing more than $20 million from hundreds of victims through the use of fake or “spoofed” websites mimicking the crypto exchange website Coinbase. He pleaded guilty and was sentenced to 60 months in prison. Tomar used the victims’ funds to pay for his lavish lifestyle.
Key Points
- Chirag Tomar, 31, an Indian national, was sentenced to 60 months for a $20M crypto fraud scheme.
- Spoofed Coinbase website to steal login credentials and hijack victims’ accounts.
- Funds were used for luxury lifestyle, including high-end watches, luxury cars, and exotic travel.
Short Narrative
Chirag Tomar, a 31-year-old citizen of India, was sentenced to five years in federal prison for orchestrating a $20 million cryptocurrency fraud. Tomar and his co-conspirators created fake websites that mimicked Coinbase Pro, one of the largest crypto exchanges, tricking hundreds of victims worldwide into giving up their login credentials. These victims unknowingly allowed Tomar’s group access to their legitimate Coinbase accounts, from which they stole millions in crypto holdings. The fraudsters would convert the stolen cryptocurrency into cash, which was then funneled into luxury vehicles, expensive watches, and trips to exotic locations such as Dubai.
Actionable Insight
This case is a warning for cryptocurrency users to remain vigilant about phishing scams and to verify URLs before entering credentials. Even two-factor authentication, which is supposed to safeguard accounts, can be manipulated if victims are tricked into sharing their codes with fraudsters pretending to be customer service representatives.
Call for Information
Investigations into similar fraud schemes are ongoing. If you have been a victim of cryptocurrency phishing or have information related to Tomar’s activities, authorities urge you to come forward.
