SEC Charges Man in $20M Meme Token Hack, Warns of Fake Website Scams
The U.S. Securities and Exchange Commission (SEC) has recently charged Vietnamese citizen Wai Pham for his role in manipulating markets for the meme tokens Saitama Inu and Robo Inu. The scheme involved hacking user accounts and stealing crypto worth a staggering $20 million.
Pham's arrest in December 2023 and subsequent guilty plea in April 2024 have brought his criminal activities to light. The SEC has requested a five-year sentence for him, similar to the punishment given to hacker Ilya Lichtenstein for breaching the Bitfinex exchange. The fraudulent scheme involved creating a fake Coinbase Pro website, which deceived hundreds of victims over two years, from June 2021 to December 2023.
Pham admitted to using the stolen funds for lavish purchases, including luxury watches, high-end cars, and international trips. A Coinbase representative has warned that the use of fake websites and fraudulent transactions is becoming increasingly popular in crypto fraud, highlighting the need for increased vigilance among users.
Chirag Tomar, an Indian citizen, has been sentenced to five years in prison for his role in the $20 million crypto fraud scheme. The SEC's charges and Tomar's sentencing serve as a stark reminder of the potential dangers in the crypto market and the importance of robust security measures to protect users.
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