26-year-old arrested for stealing over $97,000 in crypto from 89-year-old retiree
Ventura County authorities arrested William Ly, 26, after he allegedly transferred more than $97,000 from an 89-year-old man's Coinbase account.
The Ventura County Sheriff’s Office arrested William Ly, 26, of Simi Valley on August 4, accusing him of siphoning more than $97,000 from an 89-year-old retiree’s Coinbase account. The alleged scheme began after Ly befriended the senior man at a local breakfast club and later assisted with the victim’s cellphone, resetting the password for the cryptocurrency platform. From June 2024 until the victim noticed the loss in September 2025, Ly is said to have executed over 80 separate crypto transfers that ultimately landed in accounts tied to him.
The sheriff’s Financial Crimes Unit, in coordination with the FBI and the Ventura County Fraud Working Group, traced the transactions and charged Ly with financial elder abuse, grand theft and identity theft. Authorities suspect other seniors may have been targeted and have asked potential victims or witnesses to call Senior Deputy Andrew Van Gundy.
Why it matters
Elder fraud involving digital assets highlights vulnerabilities for seniors in the growing crypto market.
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