Hacker gets 3.5 Years Prison for $900K Coinbase Login Scam

A UK computer hacker has been sentenced to three and a half years in prison for his involvement in a phishing scam that compromised over 500 Coinbase accounts in 2018 and 2019.

Elliot Gunton pleaded guilty to conspiracy to commit fraud and money laundering for his role in stealing more than $900,000 from the accounts. He accessed the accounts by directing online log-ins to a fake website.

Gunton had previously received a 20-month prison sentence for stealing personal data from TalkTalk customers in cryptocurrency exchange, for which he had to complete a 12-month rehabilitation order and pay back £407,359. He was also involved in hacking high-profile Instagram accounts.

Away From Coinbase Hacks

Meanwhile, in the US, a federal court has ordered Abner Alejandro Tinoco and his firm to pay over $31 million for running fraudulent cryptocurrency and foreign currency schemes. The civil monetary penalty is approximately three times the amount of unlawful funds received from Tinoco’s fraudulent schemes.

Notably, in Washington State, the Department of Financial Institutions has raised concerns about a potentially fraudulent crypto platform called Vims.One was associated with the “nonprofit organization” called the Miami Foundation.

Indian Crypto Exchange WazirX Losses $230M in Cyberhack

WazirX, a popular Indian cryptocurrency exchange, has reported a recent security breach resulting in the loss of approximately $230 million worth of users’ crypto assets. 

An official statement on the platform’s X account confirmed the breach. In a tweet, the company stated, “We’re aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We’ll keep you posted with further updates.”

WazirX’s Historic Crypto Hack

The recent hack of the platform has caused a major stir in the cryptocurrency market. The perpetrators carried out one of the largest crypto exchange thefts ever recorded, leading to estimated losses of over $230 million at the time of the report. 

Cyvers Alert, a Web 3 security firm, was among the first to detect the attack. According to the platform’s report, they observed several suspicious transactions on the Wazirx Safe Multisig wallet on the Ethereum network.