Chirag Tomar, a 30-year-old man, pleaded guilty to U.S. charges of creating a fake Coinbase website that allowed him to steal $9.5 million worth of crypto from unsuspecting victims. Tomar, of Indian origin, reportedly used the fake website to gain knowledge of the real login credentials of at least 542 victims, albeit in an audacious manner that has left the crypto community in shock.
Cracking the Fake Coinbase Website Case
Chirag Tomar reportedly created the fake Coinbase website with so much perfection that even professional traders could hardly tell any difference. The website operated between June 2021 and late 2023 when Tomar was eventually apprehended.
Court documents also reveal that Tomar and his co-conspirators enjoyed the business until they made a mistake. Investigators got on their trail when Tomar used an email account in his real name to communicate with known and unknown co-conspirators in the scheme. The investigators also discovered that the culprit meticulously kept records of his victims and the amounts stolen from each. But that’s not all. Tomar also sent identity documents he had fraudulently obtained, to other email addresses used to open accounts at Binance, another crypto exchange.
Tomar also reportedly lived a flashy life with the funds he obtained from his illicit activities. He acquired luxury cars, took frequent trips, and even flaunted his escapades on social media.
There's no Call To Action with the ID #1.The Legal Consequences
The beginning of the end came when Tomar was arrested at the Atlanta airport in December 2023. He was charged with one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering. This means that he faces a maximum sentence of 20 years in prison. As of publication though, his sentencing is yet to be determined.
Meanwhile, it might be worth noting that, unlike before, crypto crimes are now being met with seriousness and precise judgments. Therefore, the crypto community hopes justice will be swift and severe once again. As UEEx previously reported, former FTX CEO Sam Bankman-Fried was recently sentenced to 25 years in prison. Changpeng Zhao of Binance also awaits sentencing by month end.
While authorities do their best to stop bad actors in their tracks, investors also have a role to play. They must remain ever watchful, even when dealing with trusted platforms. That extra carefulness could save them millions.
