The Norwich Crown Court in the UK has sentenced a 24-year-old Elliott Gunton for his alleged involvement in Coinbase hack. Per a local news report, Gunton accessed more than 500 Coinbase accounts during 2018-2019, stealing more than $900,000.
According to the court docs, he and fellow hackers obtained access to hundreds of Coinbase accounts by directing online log-ins to a fake website.
They also managed to obtain access to private accounts after diverting phone calls by contacting telecom companies with “sob stories.”
“Gunton previously stole the personal data of TalkTalk customers and hacked Instagram accounts,” a reporter posted on X.
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… pic. .com/IHyfY9Z7wm
— Ryan (@breakingryan1) July 26, 2024
The TalkTalk hack apparently resulted in loss of thousands of pounds in cryptocurrency, the report revealed. Additionally, Gunton was jailed for 20 months in 2019 and was ordered to pay £407,359 for hacking high-profile Instagram accounts.
“This was highly sophisticated offending that involved significant planning and technical expertise,” Judge Alice Robinson, noted. Further, the Judge also said that stealing money was his “ultimate aim” and not just the thrill of hacking.
Hacker Gunton pleaded guilty to conspiracy to commit fraud outside the UK and money laundering.
According to Gunton’s legal defense, Matthew McNiff, he was an “obsessive loner” and “shut himself away drowning in computer use.” The accused is taking steps to address his behavior and has started a furniture business, McNiff said.
Coinbase Fell Victim to Multiple Hacks
The crypto exchange behemoth Coinbase has previously been targeted by hacker several times.
For instance, in October 2021, hackers stole crypto from accounts of at least 6,000 Coinbase users. The exchange noted that the perpetrators bypassed its two-factor authentication (2FA) system in order to breach accounts.
In another incident last year, one Coinbase customer reported losing $96,000 in a phone hack. He sued the exchange in a lawsuit, after being told the breach was his problem.