An elaborate cryptocurrency fraud scheme involving fake Coinbase websites resulted in over $20 million stolen from hundreds of victims worldwide, including in the U.S., the Department of Justice (DOJ) revealed on Thursday.

Chirag Tomar, an Indian citizen, has been sentenced to five years in prison for his role in the scheme. Tomar and his co-conspirators were found guilty of creating spoofed websites that mimicked Coinbase, a leading cryptocurrency exchange. The fake sites tricked victims into giving up their login credentials and two-factor authentication codes, allowing the fraudsters to drain their accounts. The DOJ stated:

Tomar and his co-conspirators engaged in a spoofing scheme to steal millions in cryptocurrency from hundreds of victims located worldwide and in the United States.

The scam, which began in June 2021, involved a fake version of Coinbase Pro, Coinbase’s trading platform for professional investors. Scammers created a similar URL, tricking users into thinking they were on the legitimate site. Once users entered their login details, the attackers intercepted them. In some cases, victims were convinced to install remote access software, giving the scammers direct control of their computers and full access to their real Coinbase accounts.

A key method used by the fraudsters was pretending to be Coinbase customer service agents. Victims were directed to either call a fake support line or received unsolicited calls from the scammers. During these conversations, victims were convinced to hand over two-factor authentication codes, which were essential for accessing the actual Coinbase accounts. Once inside, the criminals quickly moved funds to wallets they controlled. Court records show that Tomar and his accomplices rapidly transferred the stolen cryptocurrency through multiple wallets before converting it to cash. This money was then used to fund Tomar’s luxurious lifestyle, which included purchasing high-end vehicles, luxury watches, and international travel.

One notable incident occurred in February 2022, when a North Carolina resident fell victim to the scam after attempting to log into a fake Coinbase site. Believing their account had been locked, the victim contacted a fraudulent representative and unknowingly shared authentication codes. This led to the loss of over $240,000 in cryptocurrency. Tomar was apprehended at Atlanta airport in December 2023, and by May 2024, he had pleaded guilty to conspiracy to commit wire fraud. He will remain in custody until he is transferred to a federal prison. Both the U.S. Secret Service and the FBI played pivotal roles in investigating the scam, ultimately dismantling Tomar’s operation.

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