Coinbase Impersonator Ronald Spektor Nabbed in New York for Alleged $6.5 Million User Scam

Another day, another crypto scam—but this one had the audacity to wear a customer service badge.

The Impersonation Play

Authorities in New York just hauled in Ronald Spektor, accused of posing as Coinbase support to fleece users. The alleged haul? A cool $6.5 million. It's a classic social engineering hack—exploiting trust instead of code.

The Oldest Trick in the (Digital) Book

Forget complex smart contract exploits. This grift relied on the phone and a convincing story. Victims reportedly handed over credentials or transferred funds directly, thinking they were securing their accounts. It's a stark reminder that the weakest link in crypto security often isn't the blockchain—it's human psychology.

A $6.5 Million Reality Check

The case highlights the dark side of crypto's rapid growth: where there's money, fraudsters follow. While regulators scramble to keep up, users are left navigating a Wild West of support requests and too-good-to-be-true offers. It's enough to make you nostalgic for the simple, high fees of traditional finance.

Stay skeptical out there. If support calls you, hang up and call them back—on the official number.

What role did ZachXBT play in the arrest? 

The famous crypto sleuth played a big role in the investigation after Zach was petitioned by a desperate victim who had lost his life savings to a Coinbase customer care scam in November 2024. 

I am pleased to share that the threat actor ‘Ronald Spektor’ (Ron) was recently arrested in New York.

In November 2024 I published my investigation detailing his involvement in a $6M Coinbase support impersonation scam and other thefts after a victim contacted me for… pic.twitter.com/ZitEV4nrIS

— ZachXBT (@zachxbt) December 15, 2025

Zach was meticulous in his investigation, tracing the funds through convoluted routes from exchanges to wallets, then ultimately tying it all to Spektor, with his email, New York IP addresses, and other personal details revealed. 

One of the things that gave him away was his inability to keep quiet because part of the evidence used to identify him included him flexing his Ledger Live via Discord screen share, which showed large deposits not long after the theft occurred. 

Unfortunately, the victim allegedly deleted their X account before the conclusion of the investigation, acting on the counsel of a friend. At the time, Zach implied there were accomplices, as only about half of the stolen finds ended up with Spektor. 

That was in 2024. Not much was heard after that until December 15, 2025, when Zach announced Spektor’s arrest, attributing the operation’s success to his earlier investigation. 

It is unknown if the funds have been recovered or if the victim has a chance of getting them back. Spektor’s accomplices, if they exist, are still in the wind. 

Coinbase has been at the center of similar scams 

The scam Spektor orchestrated was not a one-off occurrence or something he got away with by luck. Coinbase and its users have been unfortunate targets of scams and exploits ranging from customer care impersonation to large-scale exploits. 

The reason is not far-fetched. The platform is the largest and most popular U.S.-based crypto exchange, boasting millions of users who hold significant assets that attract scammers, especially in bull runs when balances tend to be on the fatter side. 

Cryptopolitan has reported claims from sleuths like ZachXBT, who estimate that more than $65 million was lost in Coinbase scams between December 2024 and January 2025. Between January 2025 and March, the value was about $46 million, and annually, the estimates run to a potential $300-400 million via these methods. 

Those are huge numbers, but they are still considered underestimates, as they don’t include unreported cases or those only shared by the police or via support tickets. 

Sleuths like ZachXBT have criticized Coinbase for not doing enough to protect its users, but the exchange has repeatedly warned its users against trusting unsolicited phone calls or random demands for critical information like passwords, seed phrases, or private keys. 

Coinbase has also reportedly implemented several robust measures to combat fraud effectively, including advanced fraud detection systems that proactively identify and block potential scams. It also offers an extensive security guide that outlines best practices and common warning signs of scams. While rare, it has also demonstrated its commitment to customer safety by reimbursing clients affected by documented fraud cases. 

Despite those extensive precautions, individual user vigilance remains crucial as the scams have not let up. Fortunately, news like the arrest of Spektor highlights an improvement and shows that crypto scams are not completely immune from investigation and law enforcement action. 

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