A 26-year-old man from Simi Valley, California, has been arrested after investigators alleged he repeatedly emptied an elderly retiree’s cryptocurrency account through unauthorized transfers totaling more than $97,000.

According to the Ventura County Sheriff’s Office, the case centers on an 89-year-old victim whose Coinbase account, linked to a bank account, was allegedly accessed and drained over a 15-month period. Authorities say the suspect, William Ly, was taken into custody on August 4 on suspicion of financial elder abuse, grand theft and identity theft.

How investigators say the scheme unfolded

Detectives allege Ly developed a friendship with the victim at a local breakfast club for retirees. That relationship is said to have lasted from June 2024 until September 2025, when the older man discovered he had lost tens of thousands of dollars.

Authorities say the victim’s Coinbase password was reset and that the account was then used to move funds without authorization. The account was linked to a bank, according to investigators.

More than 80 transfers over 15 months

The sheriff’s office says investigators identified more than 80 separate cryptocurrency transactions that together drained over $97,000 from the retiree’s account during roughly 15 months.

Officials further allege that the transferred funds were traced to accounts and digital wallets tied to Ly. The allegations have not been adjudicated, and the reported tracing forms part of the ongoing case described by law enforcement.

Investigation and arrest

The Ventura County Sheriff’s Office said it opened its investigation in November 2025 after receiving a report of financial theft involving an elderly victim. The inquiry continued for months before Ly’s arrest on August 4.

Authorities said the case involved cooperation with the FBI and the Ventura County Fraud Working Group, reflecting the cross-agency effort often required in investigations involving digital asset transfers and suspected identity theft.

What happens next

Investigators now believe there may be additional victims and are asking anyone with similar experiences or relevant information to contact Senior Deputy Andrew Van Gundy of the Ventura County Sheriff’s Office.

At this stage, the confirmed next step is the continuing investigation into whether others were targeted and how broadly the alleged activity may have extended beyond the reported theft from the 89-year-old retiree.

Source: dailyhodl.com