Coinbase CEO Brian Armstrong warned on X that the exchange will pursue scammers and bring them to justice.
A 23-year-old Brooklyn man has been indicted on 31 counts for allegedly operating a phishing scheme that stole approximately $16 million in cryptocurrency from around 100 Coinbase users, the Brooklyn District Attorney’s Office announced Friday.
Ronald Spektor of Sheepshead Bay was arraigned on charges including first-degree grand larceny and money laundering. The scheme allegedly ran from April 2023 through December 2024.
According to prosecutors, Spektor contacted victims while posing as a Coinbase representative, warning them their holdings were at risk from hackers. He allegedly convinced users to transfer assets to new wallets he secretly controlled, then laundered the proceeds through crypto mixers, swapping services, and gambling platforms.
The defendant, also known as “Ronaldd,” operated under the handle “@lolimfeelingevil” and ran a Telegram channel called “Blockchain enemies,” where prosecutors say he bragged about his thefts and admitted to losing $6 million gambling. Victims included a California resident who lost over $1 million and a Virginia victim who lost more than $900,000.
Authorities have recovered approximately $105,000 in cash and $400,000 in cryptocurrency so far. They interviewed more than 70 of the victims over the course of their investigation, which identified about 100 total victims.
Coinbase worked with the Brooklyn DA’s Virtual Currency Unit throughout the investigation, helping identify the suspect and trace stolen funds. CEO Brian Armstrong celebrated the indictment with an X post Saturday warning that scammers targeting Coinbase customers will be brought to justice.
Blockchain investigator ZachXBT also contributed to identifying the suspect after publishing an investigation in November 2024 when a victim who lost $6 million sought his help. Coinbase’s X account thanked him for his contribution.
The case follows a difficult year for Coinbase security. In February, ZachXBT claimed users lost over $65 million to social engineering scams in just two months. In May, the exchange disclosed a data breach affecting nearly 70,000 users after criminals bribed overseas support staff, with estimated costs of $180 million to $400 million.
Spektor’s attorney said his client pleaded not guilty and called the allegations “speculative.” Prosecutors revealed Spektor was planning to flee the country before his arrest, and his father is now considered an “active suspect,” per reports.
