Coinbase Users Lose $16M in Phishing Scam Led by Sentenced Imposter

Coinbase users lost nearly $16 million to a scammer who posed as support and convinced them to transfer their funds.

Ronald Spektor, a 23-year-old from Sheepshead Bay, was sentenced to four to 12 years in prison for his role in the scheme, which targeted around 100 U.S. victims.

Spektor contacted users while pretending to be from Coinbase and warned them that their assets were at risk due to a hacker threat. He directed them to transfer their funds into a new wallet, claiming it was a safety measure.

However, Spektor could access these wallets and emptied them after the transfers. Investigators traced the stolen assets through blockchain analysis and found that large portions reached gambling platforms and online storefronts.