US jails man for 5 years over $20m crypto fraud

An Indian national, Chirag Tomar, has been sentenced to five years in prison after being convicted of stealing more than $20 million in a crypto fraud scheme involving fake crypto websites. Tomar, a 31-year-old, will also serve two years of supervised release following his sentence.

According to the U.S. Justice Department, Tomar stole over $20 million from hundreds of people by duping them into using fake or ‘spoofed’ websites, targeting victims across the world, including the United States. The scheme involved spoofing U.S.-based crypto exchange Coinbase by using a fake URL similar to the legitimate site. Tomar and his co-conspirators used the fake website to access victims’ authentication details and steal funds, with some cases involving impersonation of Coinbase customer support staff. In one instance, a North Carolina crypto user lost over $240,000 due to this fraud.

Tomar used the stolen funds to finance luxury purchases and trips to various locations. He was arrested in December 2023 and pleaded guilty to wire fraud conspiracy in May 2024.

This case is part of a series of fraud schemes in the crypto space, with recent convictions highlighting the severity of such crimes.

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