An Indian man admitted to creating a fake Coinbase website and stealing $9.5 million.

Indian resident Chirag Tomar, who was apprehended in the United States at the end of 2023, confessed to creating a counterfeit Coinbase platform with the intention of pilfering users’ assets. His scheme successfully resulted in a theft amounting to $9.5 million.

In 2021, a 30-year-old Indian man along with his associates devised a fraudulent website emulating the American cryptocurrency exchange Coinbase. Between June 2021 and late 2023, approximately 542 individuals utilized the site and attempted to deposit over $9.5 million into the exchange, unknowingly subjecting their funds to the clutches of the attackers.

The authentic identity of Chirag Tomar was unveiled by American law enforcement agencies as he used his real name in email correspondence with his accomplices. It was the same email address that he employed to acquire a tourist visa to visit his relatives in the United States.

Tomar maintained a comprehensive record of victims and the amounts he stole in a spreadsheet. Additionally, he utilized user documents acquired through the fictitious website to open accounts on Binance and other cryptocurrency exchanges.

Law enforcement agencies emphasize that Tomar utilized the illicitly amassed funds to fund a lavish lifestyle, indulging in extravagant purchases such as high-end timepieces, Porsche and Lamborghini vehicles. Furthermore, he embarked on trips to London, Dubai, and Thailand.

Chirag Tomar is now confronted with charges of conspiracy to commit wire fraud and conspiracy to commit money laundering. Each charge carries a potential prison sentence of up to 20 years.

Prior to this incident, it was reported that five Russian nationals were sentenced to two years in prison on the Thai island of Phuket for the theft of cryptocurrency from a fellow Russian couple.