Coinbase Scammer Gets 4-12 Years in Prison for $16 Million Heist

A Brooklyn resident has been sentenced to prison for running a year-long Coinbase support scam that drained over $16 million from about 100 victims.

Ronald Spektor, a 23-year-old from Sheepshead Bay, pleaded guilty to all 31 counts brought against him by the Brooklyn DA's office and was sentenced to four to 12 years in prison.

The scam involved Spektor contacting Coinbase customers via phone calls, claiming to be an exchange representative, and convincing them to send their assets to a new wallet controlled by him. He would then clear the wallet and leave the victims counting losses of over $1 million in some cases.

Spektor's operation also involved on-chain laundering through multiple exchanges before the funds ended up at 'cash-out points', where they were used for gambling services and online storefronts.