British hacker convicted for breaking into Coinbase. Fraud in the world of cryptocurrencies

British hacker Elliot Gunton convicted for breaking into Coinbase accounts, sentenced to 3.5 years in prison. The case joins a series of criminal activities in the cryptocurrency world, like the Ponzi scheme fraud by Abner Alejandro Tinoco, and warnings about fraudulent platforms such as Vims.One. The issue of fraud persists, as seen in South Korea's fake cryptocurrency mining business.

29 July 2024 | 08:07

British Hacker Convicted for Breaking into Coinbase Accounts
Elliot Gunton, a British hacker, has been sentenced to three and a half years in prison for breaking into over 500 accounts on the popular cryptocurrency platform Coinbase. Gunton pleaded guilty to conspiracy to commit fraud outside the UK and money laundering. These crimes were committed when the man was only 17 and 18 years old.

The Criminal History of Elliot Gunton

Elliot Gunton is no stranger to criminal activities in cyberspace. Previously, he avoided prison time for stealing customer data from TalkTalk and hacking accounts on the Instagram platform. However, the latest crime of breaking into Coinbase accounts led to his conviction and imprisonment.

Fraudulent Scheme Related to Cryptocurrencies

Another example of a fraudulent scheme related to cryptocurrencies is the case of Abner Alejandro Tinoco. A US federal court ordered Tinoco and his company to pay over 31 million dollars for conducting illegal activities related to investments in cryptocurrencies and foreign currency.

Ponzi Scheme Fraud

Abner Alejandro Tinoco was accused of taking investment funds from clients and paying out “fictional” profits, operating similarly to a well-known “Ponzi scheme”. The court imposed a penalty of 6.2 million dollars in restitution on Tinoco, as well as a civil monetary penalty of 18.8 million dollars.

Warning about a Fraudulent Cryptocurrency Platform

The Washington State Department of Financial Institutions issued a warning about a potentially fraudulent cryptocurrency platform named Vims.One. This is another example of an attempt to defraud investors through dishonest practices related to cryptocurrencies.

Theft and Fake Cryptocurrency Business in Korea

Lastly, news of the arrest of a man in South Korea accused of stealing over 1.3 million dollars. The man was running a fake cryptocurrency mining business, highlighting the extent of fraud issues in the world of cryptocurrencies.

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