UK Hacker Sentenced to 3.5 Years for $900K Coinbase Scam
YEREVAN (CoinChapter.com) — A 20-year-old UK hacker, Elliot Gunton, has been sentenced to three and a half years in prison for his role in a phishing scam. This scam compromised over 500 Coinbase accounts in 2018 and 2019. Gunton directed log-ins to a dummy website, stealing over $900,000.
Judge Alice Robinson of the Norwich Crown Court highlighted the planning and technical expertise involved. She stated,
“This was highly sophisticated offending that involved significant planning and technical expertise.”
Gunton pleaded guilty to conspiracy to commit fraud outside the UK and money laundering.
UK Hacker Elliot Gunton’s History of Cybercrime
This isn’t Gunton’s first offense. In 2019, he received a 20-month sentence for stealing personal data from TalkTalk customers. He exchanged this data for cryptocurrency worth hundreds of thousands of dollars. Gunton avoided jail time by completing a 12-month rehabilitation order.
He was also ordered to repay £407,359 (around $524,700) after hacking several high-profile Instagram accounts. Despite his young age, Gunton has been involved in multiple high-profile cybercrimes.
US Court Orders Crypto Fraudsters to Repay $31 Million
In the United States, Abner Alejandro Tinoco and his firm, Kikit and Mess Investments, must repay over $31 million for fraudulent cryptocurrency and foreign currency schemes. Tinoco misled clients, promising investments but using the funds for personal luxury expenses, including private jet travel and a mansion.
The court’s decision includes $6.2 million in restitution to nearly 200 victims. Additionally, it orders $6.2 million in disgorgement. The court also imposed an $18.8 million civil monetary penalty. The Commodity Futures Trading Commission noted that this penalty is approximately three times the amount of unlawful funds received.
Washington State Flags Vims.One as Potential Fraud
The Washington State Department of Financial Institutions (DFI) has flagged Vims.One as a potentially fraudulent crypto platform. An investor reported depositing funds on Vims.One. The platform has since disappeared. It was linked to a nonprofit organization called the Miami Foundation.
Investors were promised returns of over 100% twice a week. These promises came through WhatsApp chats with individuals named “Mark” and “Alice.” Consequently, the DFI warns consumers to exercise caution. They advise verifying any investment solicitations thoroughly.
Korean Authorities Charge Alleged Fake Crypto Mining Fraudster
In Korea, authorities have arrested and charged a man known as “Mr. A” for operating a fake crypto-mining business. He stole over $1.3 million. Mr. A promised high returns of 3-8% per month from September 2021 to August 2023. However, he did not conduct any actual cryptocurrency business.
Mr. A used new investment funds to pay early investors. This created the illusion of profitability. This method is similar to a Ponzi scheme. The E Asia Economy reported that authorities have charged Mr. A with fraud. This marks another significant case of cryptocurrency-related crime.
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