A major law enforcement action has highlighted growing risks tied to cryptocurrency fraud. On December 19, 2025, the Brooklyn District Attorney's Office indicted a Brooklyn man in connection with an alleged phishing and social engineering scheme that stole nearly $16 million from Coinbase users nationwide.
How the Scam Worked: Impersonating Coinbase Support
Prosecutors allege that the defendant, Ronald Spektor, 23, impersonated a Coinbase representative, contacted users directly, and falsely claimed their accounts were under threat from hackers. Victims were convinced to transfer digital assets into newly created wallets that appeared secure but were secretly accessible by the defendant, who then emptied the accounts. The stolen assets were routed through multiple cryptocurrency exchanges, swapping services, mixing tools, gambling platforms, and online storefronts to disguise their origin and destination.
Investigation and Seizure
Authorities said blockchain analysis, transaction records, and digital forensic evidence linked wallets used in the scheme to the defendant’s home internet connection. Prosecutors seized about $105,000 in cash and approximately $400,000 in cryptocurrency during the investigation and are working to access more alleged stolen assets. Brooklyn District Attorney Eric Gonzalez stated: “This indictment charges the defendant of operating a long-running social engineering scam that amounted to a digital robbery against scores of crypto investors across the country.”
Defendant and Victims
Ronald Spektor, of Sheepshead Bay, Brooklyn, was arraigned on a 31-count indictment charging first-degree grand larceny, first-degree money laundering, scheme to defraud, and related offenses. About 100 victims nationwide reported losses after receiving spoofed calls, texts, and emails using fake security alerts and employee names. Losses ranged from tens of thousands of dollars to more than $1 million across multiple states.
Coinbase Response
Coinbase Chief Legal Officer Paul Grewal said: “We’re grateful to District Attorney Gonzalez and the Brooklyn District Attorney’s Office for their partnership and relentless work to protect victims. In this case, Coinbase supported the investigation by helping identify the perpetrator and the customers he defrauded, providing evidence to ensure he could be charged, and assisting law enforcement efforts to trace and recover funds. We’re committed to protecting our customers and working hand-in-hand with law enforcement to hold scammers accountable.”
FAQ and Warnings
Prosecutors warned that legitimate companies do not ask customers to transfer funds to “safe wallets.” Below are common questions:
- What did the Brooklyn DA allege? A phishing and social engineering scheme that tricked users into transferring crypto to attacker-controlled wallets.
- How much was stolen? Nearly $16 million from victims across the U.S.
- Who is the defendant? Ronald Spektor, 23, from Sheepshead Bay, Brooklyn.
- How were wallets linked? Blockchain analysis and digital forensic evidence tied them to the defendant’s home internet connection.