Hacker Behind $900K Coinbase Scam Finally Sentenced To Prison

A computer hacker based in the United Kingdom, who breached over 500 Coinbase accounts in 2018 and 2019 through phishing websites, has been sentenced to three and a half years in prison for his involvement in the fraud. Elliot Gunton admitted to charges of conspiracy to commit fraud outside the UK and money laundering, as reported by North Norfolk News on July 27th. At ages 17 and 18, he and accomplices stole more than $900,000 through these accounts by redirecting login attempts to a fake website, according to court information. Damage Control Judge Alice Robinson of Norwich Crown Court described the crime as highly sophisticated involving extensive planning and technical skill. Gunton avoided incarceration by fulfilling a 12-month rehabilitation order. Additionally, he was required to repay &pound407,359 after hacking several prominent Instagram accounts. In the United States, a federal court has mandated that Abner Alejandro Tinoco and his company, Kikit and Mess Investments, reimburse over $31 million following their fraudulent cryptocurrency and foreign currency schemes. Tinoco allegedly misused investment funds, paying fake profits to clients in a manner similar to a Ponzi scheme. Instead of investing the funds as promised, he used them to finance his extravagant lifestyle, including chartering private jets and purchasing luxury properties. Frauds On The Rise Tinoco, Kikit, and Mess have been ordered to repay $6.2 million to nearly 200 defrauded victims, an additional $6.2 million in disgorgement of illicit gains, and a civil penalty of $18.8 million. This penalty is roughly three times the amount of unlawful funds collected, according to a July 26th statement by the U.S. commodities regulator. The fraudulent activities began in September 2020, amassing $7.2 million via victims before the Commodity Futures Trading Commission took legal action about a year later. The Washington State Department of Financial Institutions has issued a fraud alert regarding a potentially deceptive crypto platform named Vims.One, advising investors to avoid it.