An Indian man, Chirag Tomar, has been sentenced to 5 years in prison for orchestrating a $20 million fraud through a fake Coinbase website. Tomar, along with his co-conspirators, scammed over 500 victims in a 2-year scheme. Using a spoofed Coinbase Pro Website, they tricked users into providing login credentials and drained their crypto holdings. Tomar used the stolen funds to finance a lavish lifestyle, purchasing luxury items and traveling to various countries. The US Secret Service identified Tomar through his email account and fraudulent activities. Coinbase has warned investors about increasing social media scams targeting users, emphasizing the importance of staying vigilant against phishing attempts. Tomar's arrest at the Atlanta airport in 2023 marked the end of his fraudulent activities, highlighting the consequences of engaging in crypto fraud. Read more AI-generated news on: https://app.chaingpt.org/news