An 89-year-old retiree reportedly lost more than $97,000 in a cryptocurrency theft scheme. Investigators say 26-year-old William Ly of Simi Valley befriended the victim, reset the password on the victim's Coinbase account and allegedly diverted funds linked to the victim's bank. The Ventura County Sheriff's Office, with assistance from the FBI and the Ventura County Fraud Working Group, traced more than 80 transfers to wallets and accounts allegedly tied to Ly. Authorities say there may be additional victims and ask anyone with information to call Senior Deputy Andrew Van Gundy at 805-494-8231.
89-Year-Old Retiree Allegedly Loses Nearly $100,000 in Crypto Scam; Simi Valley Man Arrested
An 89-year-old retiree was allegedly defrauded of more than $97,000 in a cryptocurrency theft scheme, authorities said. Ventura County investigators arrested 26-year-old William Ly of Simi Valley on Aug. 4 on suspicion of financial elder abuse, grand theft and identity theft after a months-long investigation by the Ventura County Sheriff's Office.
William Ly, 26, stole more than $97,000 in cryptocurrency from an 89-year-old retiree. Getty Images
How the Alleged Scheme Worked
Investigators say Ly met the victim through a mutual acquaintance at a local breakfast club for retired men. The pair developed a friendship and, at the victim's request, Ly helped with the man's cellphone — including resetting the password for the victim's Coinbase cryptocurrency account, according to authorities.
The pair became friends, and Ly eventually reset the elderly man's password to his own Coinbase cryptocurrency account. Getty Images
That Coinbase account was directly linked to the victim's bank account. Authorities allege the relationship continued from June 2024 through September 2025, when the retiree discovered a substantial amount of money was missing.
Authorities allege more than $97,000 was drained in more than 80 separate cryptocurrency transactions. Getty Images
Tracing the Funds
The sheriff's Financial Crimes Unit, working with the FBI and the Ventura County Fraud Working Group, traced the missing funds through financial records. Authorities say more than $97,000 was moved in over 80 separate cryptocurrency transactions, with transfers ultimately landing in accounts and crypto wallets allegedly connected to Ly.
Ly was booked on suspicion of violating California statutes covering financial elder abuse, grand theft and identity theft. Investigators say there may be additional victims who have not yet come forward.
If you believe you may have been targeted or have information that could help investigators, contact Senior Deputy Andrew Van Gundy with the Ventura County Sheriff's Office at 805-494-8231.
Note: The timeline and details above reflect information released by investigators. Some dates in public reports are presented without specific years; this account uses the dates provided by authorities.
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