Indian Man Sentenced to 5 Years in $20 Million Coinbase Fraud

- Chirag Tomar, 31, was sentenced to five years in federal prison for defrauding hundreds of victims out of more than $20 million in a cryptocurrency fraud scheme.

- Judge Kenneth D. Bell also sentenced him to two years of supervised release.

- Tomar and his co-defendants created a fake website that looked like the Coinbase exchange, tricking users into providing their login credentials and two-factor authentication (2FA) codes.

- The group transferred funds from victims’ accounts to their own wallets, then converted the cryptocurrency into cash for lavish spending.

- The case highlights the importance of vigilance and security when trading cryptocurrencies. 🔒💡