Ronald Spektor, 23, has been sentenced to up to 12 years in prison after prosecutors said he orchestrated a social engineering and phishing scheme that stole approximately $15.944 million in cryptocurrency from nearly 100 Coinbase users.

Spektor, a Sheepshead Bay resident in Brooklyn, received a four-to-12-year sentence from Brooklyn Supreme Court Justice Danny Chun on September 23, 2026. Earlier this month, on September 2, he pleaded guilty to all 31 counts in the indictment.

The charges included first-degree grand larceny, first-degree money laundering and first-degree criminal possession of stolen property, along with several related offenses. Prosecutors had requested a seven-to-21-year prison term and opposed the shorter sentence ultimately reached through the plea agreement.

The prosecution followed an investigation lasting roughly a year by the Brooklyn District Attorney’s Office into a cryptocurrency theft operation that allegedly targeted Coinbase’s retail customers.

How the Coinbase Phishing Operation Worked

Investigators said the scheme relied on impersonation rather than a direct compromise of Coinbase’s systems.

Victims were allegedly contacted by someone claiming to work for Coinbase and told that hackers had accessed their accounts. The impersonator then instructed them to transfer their cryptocurrency to wallets supposedly intended to protect their funds.

The victims believed those wallets remained under their exclusive control. Prosecutors alleged, however, that Spektor had access to the wallets and could take the cryptocurrency after it was transferred.

The Brooklyn District Attorney’s Office identified roughly 100 victims and said investigators interviewed more than 70 people during the probe.

The financial impact differed significantly among victims. A California resident reportedly lost more than $1 million, while a Virginia victim lost over $900,000. Authorities also cited losses of approximately $53,150 from a Pennsylvania resident and $38,750 from a Maryland resident.

After the thefts, investigators said the cryptocurrency passed through swapping and mixing services, gambling platforms and online stores before being converted. The movement of funds allegedly formed part of an effort to obscure the trail of the stolen assets.

Authorities connected Spektor to the transactions through blockchain analysis, cryptocurrency records, digital forensic work and evidence obtained through search warrants. Prosecutors also alleged that his residential IP address was connected to wallets that received cryptocurrency taken from victims.

During the investigation, authorities seized around $105,000 in cash and approximately $400,000 in cryptocurrency. Those amounts refer to assets recovered during the probe and are not necessarily the final amount subject to forfeiture.

Coinbase Assisted Law Enforcement

Brooklyn District Attorney Eric Gonzalez credited the office’s Virtual Currency Unit with helping investigators reconstruct the digital trail behind the alleged scheme.

Gonzalez said investigators identified the defendant, traced the stolen cryptocurrency and gathered evidence used to prosecute the case.

Coinbase Chief Legal Officer Paul Grewal said the exchange cooperated with authorities by helping identify Spektor and the customers affected by the scheme. Coinbase also provided evidence and assisted law enforcement in efforts to trace and recover stolen funds.

The case serves as another warning about cryptocurrency impersonation scams. The Brooklyn District Attorney’s Office reiterated that Coinbase and most legitimate businesses will not unexpectedly contact customers and instruct them to transfer crypto to a so-called “safe wallet.”

Fraudsters can also spoof caller IDs, sender information and websites designed to resemble legitimate services. Users should independently verify suspicious communications through official in-app support channels and be especially cautious when a request involves an immediate cryptocurrency transfer.