According to paulgrewal.eth, authorities successfully dismantled a major crypto fraud operation led by Chirag Tomar in 2024, who orchestrated a global spoofing scheme that stole over $20 million by impersonating Coinbase (source: @iampaulgrewal, Twitter, May 28, 2025). This case highlights the rising sophistication of phishing and impersonation attacks targeting crypto users and exchanges, underscoring the urgent need for enhanced security protocols and due diligence from traders. The takedown has led to increased scrutiny on centralized exchange security and is expected to boost user confidence in regulated platforms, potentially affecting trading volumes and risk tolerances across the cryptocurrency market.