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In a North Carolina court on Thursday, Chirag Tomar was sentenced to five years in prison for his involvement in a crypto scam scheme that swindled victims out of more than $20 million.
Tomar and his associates orchestrated an intricate scam by creating fake websites designed to look like the popular cryptocurrency exchange Coinbase. These spoofed sites deceived victims into sharing sensitive login credentials and two-factor authentication codes, which the fraudsters used to gain unauthorized access to cryptocurrency accounts.
One particularly devastating loss saw a single victim robbed of over $240,000. Tomar and his co-conspirators transferred the stolen funds into wallets they controlled, allowing them to profit from their victims’ losses. Tomar spent the ill-gotten gains on luxury cars and expensive watches, living a lavish lifestyle at the expense of others.
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Growing Sophistication in Crypto Scam Cases
Tomar’s arrest came in December 2023 while he was entering the United States, and in May 2024, he pleaded guilty to wire fraud conspiracy. His conviction sheds light on the increasingly sophisticated tactics used in crypto scam cases in 2024.
According to blockchain analytics firm Chainalysis, 43% of scam-related inflows this year have been directed to wallets that were activated in 2024, indicating a growing trend of fraudsters launching short-lived but high-impact operations.
Modern scammers leverage a combination of on-chain and off-chain tools to perpetrate their schemes. They create fake websites, forge domains, and even use social media accounts to make their fraudulent activities appear legitimate. Once they gain access to victims’ funds, the criminals quickly move them across multiple wallets, making it harder for authorities to trace the transactions.
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A Difficult Battle for Authorities
The ease with which scammers can now set up, execute, and dismantle fraudulent schemes is making it increasingly difficult for law enforcement agencies to shut down these crypto scam operations. With access to more advanced tools, scammers can drain funds rapidly and vanish without a trace, reemerging under new identities and running similar operations.
Chirag Tomar’s case serves as a stark reminder of the growing threat posed by crypto scams. As authorities work to keep up with the evolving tactics of cybercriminals, investors are urged to remain vigilant and cautious when handling their cryptocurrency investments online.
