California Man Accused of Draining Elderly Retiree's Coinbase Account

A California man has been accused of draining an elderly retiree's cryptocurrency account of nearly $100,000 through repeated unauthorized transfers. William Ly, a 26-year-old Simi Valley resident, allegedly befriended the 89-year-old victim at a local breakfast club for retirees and reset his Coinbase account password linked to a bank.

The friendship between Ly and the elderly retiree lasted from June 2024 until September 2025. However, the victim realized he had lost tens of thousands of dollars in November 2025. The Ventura County Sheriff's Office detectives began their investigation after receiving a report of financial theft involving an elderly victim.

According to officials, more than 80 separate cryptocurrency transactions drained over $97,000 during a 15-month period. Investigators traced the stolen funds to accounts and digital wallets allegedly belonging to Ly.