Indian authorities indict group in $20M Coinbase phishing scheme

India's Directorate of Enforcement (ED) has indicted eight individuals and entities, including Chirag Tomar, for allegedly stealing over $20 million in a phishing scheme that impersonated Coinbase, The Block reported. According to the report, the group created a fake website mimicking the Coinbase platform to steal users' login credentials and two-factor authentication codes. The stolen cryptocurrency was then transferred to wallets they controlled, moved through multiple other wallets, and ultimately converted into Indian rupees via P2P transactions. During its investigation, the ED provisionally attached assets worth 6.455 billion rupees (approximately $6.8 million). Tomar was previously sentenced in the U.S. to 60 months in prison and two years of supervised release. The ED launched its investigation after obtaining materials from U.S. authorities through a Mutual Legal Assistance Treaty (MLAT).