Reports have emerged that Ronald Spektor, a New York-based man, has finally been picked up by the police, for allegedly defrauding users of $6.5 million by impersonating a Coinbase customer service representative.
At the time, Zach published a detailed thread that linked Spektor to a $6.5 million theft, which targeted a single victim in October 2024. The scam involved spoofing, which allowed the scammer to appear as Coinbase support and coerce the victim into using a phishing site, which drained their account.
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.
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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