California Man Accused of Stealing Nearly $100K in Crypto from Elderly Friend
A California man, William Ly, is facing charges for allegedly draining nearly $100,000 in cryptocurrency from an elderly retiree he befriended.
The 26-year-old Simi Valley resident got to know the 89-year-old victim through a local breakfast group and later gained access to his Coinbase account by changing who could access it. The unauthorized transfers spanned 15 months, with over $97,000 going out in more than 80 transactions.
Investigators tracked the stolen assets to digital wallets and other accounts associated with Ly. While it's unclear if this is an isolated incident, authorities say there may be additional victims involved.
The case highlights the importance of securing exchange accounts like one would a bank account, using strong passwords, multifactor authentication, and account alerts for withdrawals.