Chirag Tomar, an Indian citizen, has been sentenced to five years in prison for orchestrating a $20 million fraud against Coinbase users through fake websites that mimicked the cryptocurrency exchange. Tomar pleaded guilty to wire fraud conspiracy in May. His operation, active since June 2021, deceived users into providing login and authentication details, leading to significant losses including a case where a victim lost over $240,000. Tomar utilized the stolen funds to finance a luxurious lifestyle, purchasing high-end watches and luxury cars, and traveling to exotic locations. The Justice Department reported that losses initially estimated at $37 million stemmed from Tomar's fraudulent activities. Although he faced a potential 20-year sentence and fines, he received a five-year term. The identities of any co-conspirators remain undisclosed. The fraudulent site, which spoofed Coinbase, has since been taken down, and its functionalities were merged into the main Coinbase platform, highlighting ongoing risks within the crypto space related to phishing and scams.

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