India Indicts Eight in $20 Million Coinbase Phishing Scheme

India's Directorate of Enforcement (ED) has formally indicted eight individuals and entities for orchestrating a phishing scheme that targeted Coinbase users, resulting in the theft of over $20 million. The group created a fake website that closely mimicked the official Coinbase platform, tricking victims into entering their login credentials and two-factor authentication codes.

The investigation revealed a highly organized operation, with assets worth approximately $6.8 million provisionally attached by the ED during its probe. One of the key figures in the case, Chirag Tomar, was previously sentenced to 60 months in prison followed by two years of supervised release for his role in the scheme.

The case highlights the importance of international legal frameworks in tackling crypto fraud, which often spans multiple jurisdictions. Phishing attacks remain one of the most common methods for stealing cryptocurrency, and users are advised to remain vigilant and adopt best practices for account security.