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Brooklyn man gets 12 years for Coinbase phishing scam targeting users

Prosecutors said Ronald Spektor used social engineering to steer about 100 U.S. Coinbase users into wallets he controlled, stealing $16 million.

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A Brooklyn man identified as Ronald Spektor, 23, was sentenced to 12 years in prison after pleading guilty in connection with a Coinbase phishing scam that prosecutors said netted $16 million, according to Bitcoin Magazine.

Bitcoin Magazine reports that Spektor used social engineering by posing as a representative from Coinbase and telling victims their accounts were threatened by hackers, then directing them to move cryptocurrency into a new wallet he controlled.

CryptoSlate adds that prosecutors said about 100 U.S. users were told their funds were at risk and were steered into wallets Spektor could access, after which he emptied the wallets and laundered the proceeds.

The case was described by the Brooklyn District Attorney’s Office, which characterized social engineering as manipulation used to get victims to send funds or hand over valuable information, the outlets reported.

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