California Man Accused of Draining Elderly Retiree’s Crypto Account of Nearly $100,000

A California man faces charges after allegedly emptying an elderly retiree’s cryptocurrency account through repeated unauthorized transfers.

William Ly, a 26-year-old Simi Valley resident, allegedly developed a friendship with the 89-year-old victim at a local breakfast club for retirees and reset the password to his Coinbase account linked to a bank, reports the New York Post.

Authorities say the friendship went on from June 2024 until September 2025, when the elderly victim realized that he had lost tens of thousands of dollars. The Ventura County Sheriff’s Office detectives began their inquiry in November 2025 after receiving a report of financial theft that involves an elderly victim.

Investigators say that more than 80 separate cryptocurrency transactions drained over $97,000 during a 15-month period. Officials traced the stolen funds to accounts and digital wallets allegedly belonging to Ly.

The suspect was arrested on August 4th on suspicion of financial elder abuse, grand theft and identity theft.

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