An Indian national has pleaded guilty in the U.S. to wire fraud conspiracy for stealing over $37 million by spoofing crypto exchange Coinbase’s website. He and his co-conspirators created a fake Coinbase Pro site to steal login credentials and two-factor authentication codes, transferring victims’ cryptocurrency to their own wallets.
Indian Citizen Faces 20 Years in US Prison for Stealing Crypto in $37M Coinbase Spoofing Scam
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Guilty Plea in $37M Coinbase Crypto Theft, Spoofing Case
The U.S. Attorney’s Office for the Western District of North Carolina announced on May 20 that an Indian national, Chirag Tomar, has pleaded guilty to “federal charges for stealing more than $37 million through a spoofing scheme of the Coinbase website.” He was arrested at the Atlanta airport on Dec. 20 last year upon entering the U.S., and remains in federal custody.
Tomar and his co-conspirators designed a fake Coinbase Pro website to “steal millions in cryptocurrency from hundreds of victims located worldwide and in the United States,” the announcement states. By “spoofing” the Coinbase website, they deceived users into entering their login credentials and two-factor authentication codes. This allowed the fraudsters to gain unauthorized access to victims’ Coinbase accounts and transfer substantial amounts of cryptocurrency to the wallets they controlled.
According to the announcement:
Tomar pleaded guilty to wire fraud conspiracy, which carries a maximum sentence of 20 years in prison and a $250,000 fine.
The fraudulent scheme involved meticulous planning and execution. The fake website closely mimicked the legitimate Coinbase Pro platform, making it difficult for users to detect the deception. Once users entered their sensitive information, Tomar and his team quickly exploited it to siphon off funds from the victims’ accounts. The stolen cryptocurrency was then used to finance luxury purchases and international travel, highlighting the high stakes and sophistication of the fraud.
Court documents show:
Tomar used the victims’ funds to pay for his lavish lifestyle, including to purchase a Rolex and other expensive watches, to buy luxury vehicles like Lamborghinis and Porsches, and to make trips to Dubai, Thailand and elsewhere.
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