A Brooklyn court has sentenced Ronald Spektor, 23, to an indeterminate prison term of four to 12 years after he pleaded guilty in a case tied to nearly $16 million in losses from Coinbase users across the United States.

According to the Brooklyn District Attorney’s Office, prosecutors said Spektor used phishing and social engineering tactics while posing as Coinbase staff, ultimately stealing about $15.944 million from roughly 100 victims. The court also ordered him to forfeit more than $500,000 in cash, cryptocurrency and property, and to pay nearly $16 million in restitution.

Sentence follows guilty plea on all 31 counts

The sentence was announced on Sept. 23, with Justice Danny Chun imposing the four-to-12-year term. Earlier in the month, on Sept. 2, Spektor pleaded guilty to the full 31-count indictment.

The charges included first-degree money laundering, first-degree grand larceny and first-degree criminal possession of stolen property. Prosecutors had asked for a longer prison term of seven to 21 years and opposed the lower sentence that was attached to the guilty plea.

Prosecutors say about 100 users were targeted

The case stemmed from a yearlong investigation by the Brooklyn District Attorney’s Virtual Currency Unit. Prosecutors said around 100 Coinbase users in the U.S. were victimized, with total losses calculated at approximately $15.944 million.

More than 70 of those users were interviewed during the investigation. Authorities said Spektor contacted victims while pretending to be a Coinbase employee, telling them their accounts had been compromised or that their assets were in danger, then urging them to move cryptocurrency into wallets presented as secure.

Investigators traced wallets, messages and cash-outs

According to prosecutors, the stolen digital assets were routed through exchanges, swapping services and mixers before reaching cash-out points. Some of the funds allegedly also went to gambling platforms and online stores.

Investigators said digital evidence linked the activity to Spektor, including a home IP address associated with multiple wallets that received stolen cryptocurrency and blockchain records tracing the movement of funds. Prosecutors also said he operated online under the handle @lolimfeelingevil, ran a Telegram channel called “Blockchain enemies,” and used Discord, where recovered messages discussed thefts and recruiting others for social engineering.

Forfeiture and restitution orders now take effect

Authorities said they seized roughly $105,000 in cash and $400,000 in cryptocurrency during the investigation. Recovered messages also indicated that Spektor claimed he had lost $6 million worth of cryptocurrency to gambling and suggested he had made millions through scams.

Coinbase assisted investigators by identifying affected customers, helping collect evidence and tracing the movement of funds used in the criminal case. With the sentence now imposed, Spektor is required to surrender assets worth more than $500,000 and reimburse nearly the full amount prosecutors say victims lost.

Source: crypto.news