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A United Kingdom hacker who compromised over 500 Coinbase accounts through phishing websites has been sentenced to three and a half years in prison. Elliot Gunton, who executed these crimes at just 17 and 18 years old, pleaded guilty to conspiracy to commit fraud outside the UK and money laundering. According to the North Norfolk <a href="https://www.northnorfolknews.co.uk/news/24480396.criminals-sentenced-norfolk-week-beginning-july-22-2024/" target="_blank" rel="noreferrer noopener nofollow">News</a>, Gunton and his accomplices stole more than $900,000 by redirecting Coinbase login attempts to dummy websites. 
“This was highly sophisticated offending that involved significant planning and technical expertise,” remarked Judge Alice Robinson of the Norwich Crown Court, as reported by <a href="https://www.eveningnews24.co.uk/news/24479291.talktalk-hacker-elliott-gunton-jailed-cryptocurrency-scam/" target="_blank" rel="noreferrer noopener nofollow">Norwich Evening News on July 27</a>.&nbsp; 
This isn’t Gunton’s first brush with the law. In 2019, he received a 20-month prison sentence for stealing personal data from TalkTalk customers and exchanging it for cryptocurrency. Although he avoided jail time by completing a 12-month rehabilitation order, he was also ordered to repay 407,359 British pounds ($524,700) after hacking high-profile Instagram accounts. 
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 Intelligent Norwich hacker Elliott Gunton jailed for 42 months in crypto scam The 24-year-old committed the offences when he was aged 17 and 18 He and fellow hackers accessed the Coinbase accounts of more than 500 crypto users by directing online logins to dummy website Gunton… <a href="https://t.co/IHyfY9Z7wm" target="_blank">pic.twitter.com/IHyfY9Z7wm</a>— Ryan (@breakingryan1) <a href="https://twitter.com/breakingryan1/status/1816864042327146690?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 26, 2024</a>
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Meanwhile, across the Atlantic, a federal court in the United States has <a href="https://www.cftc.gov/PressRoom/PressReleases/8934-24" target="_blank" rel="noreferrer noopener nofollow">ordered</a> Abner Alejandro Tinoco and his firm, Kikit, and Mess Investments to pay over $31 million for running fraudulent cryptocurrency and foreign currency schemes. Tinoco misled clients, paying “bogus” profits to other clients in a Ponzi-like scheme while funding a lavish lifestyle that included private jets and luxury real estate.&nbsp; 
The Commodity Futures Trading Commission (CFTC) mandated Tinoco and his firm to pay $6.2 million in restitution, $6.2 million in disgorgement, and an $18.8 million civil monetary penalty, according to a July 26 statement. 
In another case of crypto fraud, the Washington State Department of Financial Institutions (DFI) has flagged Vims.One as a potentially fraudulent crypto platform. An investor claimed to have lost funds after being lured into a WhatsApp chat by facilitators promising over 100% returns twice a week.&nbsp; 
The platform, linked to a “nonprofit organization” called the Miami Foundation, required a 5% commission for fund withdrawals. The DFI has urged consumers to exercise extreme caution with such solicitations. 
Lastly, in Korea, a man identified as “Mr. A” has been arrested for operating a fake crypto-mining business, defrauding victims of over $1.3 million. Mr. A promised high monthly profits of 3-8%, running the scheme from September 2021 to August 2023. Authorities revealed that he used new investment money to pay early investors, mimicking a Ponzi scheme, as reported by E Asia Economy. 
These cases underscore the importance of vigilance in the rapidly evolving world of cryptocurrency, where the allure of quick profits can often mask sophisticated fraud schemes. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/28/hong-kong-police-arrest-four-in-1-4m-crypto-scam/" target="_blank" rel="noreferrer noopener">Hong Kong Police Arrest Four in $1.4M Crypto Scam</a> 
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UK Hacker Sentenced for $900K Coinbase Scam: Report

The Crypto Times

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