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Man accused in Coinbase scam faces up to 12 years

Prosecutors say he emptied about 100 accounts and later gambled away roughly $6 million of the proceeds.

Reported · Written up by our desk · Market Structure

A Brooklyn man accused in a Coinbase-related scam faces up to 12 years in prison, according to Decrypt.

The outlet reports that the suspect posed as Coinbase support staff, then emptied about 100 user accounts.

Decrypt adds that he lost around $6 million of the stolen proceeds gambling, based on messages he sent.

The allegations include that the scheme involved about $16 million in total proceeds, with the accused claiming responsibility in his own communications.

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