MDF Law Represents Victims of $16 Million Coinbase Impersonation Scam

Arbitrations target Coinbase’s failure to detect, prevent, and respond to known impersonation schemes

NEW YORK, NY, UNITED STATES, December 23, 2025 /EINPresswire.com/ -- MDF Law announced today that it represents victims of a large-scale cryptocurrency impersonation scam in which a Brooklyn man, Ronald Spektor, allegedly stole nearly $16 million by posing as a representative of Coinbase. The firm has filed arbitration claims on behalf of victims against Coinbase, Inc. and is actively investigating Coinbase’s role in failing to prevent, detect, and respond to the fraud. MDF Law represents the largest known victim of the scheme, a California resident who lost more than $1 million.

On December 19, 2025, the Brooklyn District Attorney’s Office announced criminal charges against Spektor, a 23-year-old Brooklyn resident, for orchestrating a nationwide cryptocurrency phishing and impersonation scheme that prosecutors allege impacted approximately 100 victims across the United States. The case was filed in New York State Supreme Court under indictment number IND-76242-25/001. Spektor is presumed innocent unless and until proven guilty.

According to prosecutors, Spektor targeted Coinbase users by falsely presenting himself as a legitimate Coinbase support representative. Victims were contacted through phone calls and electronic communications and were told that their Coinbase accounts had been compromised or were at immediate risk of unauthorized access. Once Spektor gained victims’ trust, he allegedly instructed them to take urgent action to “secure” their digital assets. Victims were directed to transfer their cryptocurrency to new or alternative wallets that Spektor claimed were safe or protected. In reality, prosecutors allege those wallets were controlled by Spektor, allowing him to immediately drain the transferred funds.

After acquiring the stolen cryptocurrency, Spektor allegedly laundered the assets through a network of digital platforms, including cryptocurrency exchanges, gambling services, and swap services, in an effort to obscure the origin of the funds and prevent recovery. Investigators were ultimately able to trace and seize approximately $105,000 in cash and roughly $400,000 in cryptocurrency—only a small fraction of the total losses alleged.

Spektor was indicted on 31 felony counts, including first-degree grand larceny, money laundering, and scheme to defraud. He was arraigned in Brooklyn Supreme Court and held on bail. The investigation remains ongoing, with authorities continuing efforts to identify additional victims and recover remaining assets. Spektor is presumed innocent unless and until proven guilty.

MDF Law Pursues Claims Against Coinbase

While the criminal case addresses the alleged conduct of an individual wrongdoer, MDF Law is pursuing arbitrations against Coinbase, Inc. on behalf of victims who suffered losses after being deceived by scammers posing as Coinbase representatives.

The firm’s claims allege that Coinbase failed to implement reasonable cybersecurity safeguards, fraud-monitoring systems, and consumer protections despite long-standing and well-documented risks of impersonation scams targeting Coinbase customers. MDF Law’s investigation focuses on whether Coinbase failed to detect obvious red flags, failed to intervene after receiving notice of fraud, or failed to respond adequately to ongoing and foreseeable scam activity.

Cryptocurrency impersonation scams have surged nationwide. Fraudsters routinely pose as exchange employees, send fake security alerts, and pressure users to move funds quickly under the guise of protecting their accounts. Elderly consumers and first-time cryptocurrency users are particularly vulnerable to these tactics.

Many victims are incorrectly told that they have no legal recourse because cryptocurrency transactions are irreversible. That assertion is misleading. While blockchain transactions themselves may not be reversible, exchanges may still face legal responsibility for losses arising from inadequate security practices, failure to monitor suspicious activity, or failure to act after receiving notice of fraud.

Legal Rights of Coinbase Scam Victims

Victims of Coinbase impersonation scams are often told they bear sole responsibility for their losses. In reality, cryptocurrency exchanges may be held legally accountable when losses result from foreseeable fraud, insufficient safeguards, or failures to respond once suspicious activity is reported. Civil claims may be available under state consumer protection laws, cybersecurity statutes, elder abuse laws, and other legal frameworks, depending on the facts of each case. MDF Law represents victims nationwide who lost cryptocurrency through Coinbase phishing scams, account takeovers, and impersonation fraud, including cases involving Coinbase Wallet.

The firm’s investigation examines whether Coinbase ignored known scam patterns, failed to implement reasonable safeguards, or allowed unauthorized transactions to proceed after customers sought help.

Coinbase Wallet Losses and Misconceptions

Many victims of Coinbase Wallet scams are told they have no legal recourse because Coinbase Wallet is described as a non-custodial product. That characterization is wrong. Coinbase and its related entities still face liability where losses result from inadequate cybersecurity practices, misleading representations, or failures to act after receiving notice of suspicious or unauthorized activity. In numerous Coinbase Wallet cases, losses occurred after victims were targeted by phishing links, fake security alerts, or individuals impersonating Coinbase support. These schemes often involve rapid, abnormal transfers or account behavior that deviates sharply from a user’s historical activity, patterns that may warrant heightened scrutiny or intervention.
The non-custodial label does not eliminate the obligation to implement reasonable safeguards or provide meaningful responses once fraud is reported. Where a company is aware of ongoing impersonation scams and fails to act, legal responsibility may still arise.

Call for Victims to Come Forward

MDF Law urges anyone who lost cryptocurrency after being contacted by someone claiming to represent Coinbase to come forward. Consultations are confidential and at no cost to the victim. Individuals who believe they were affected by the Ronald Spektor scheme or similar Coinbase impersonation scams are encouraged to contact MDF Law to learn about their rights and potential recovery options. Victims can call 800-767-8040 to confidentially speak with an attorney.

ATTORNEY ADVERTISING
Prior results do not guarantee a similar outcome.
MDF Law PLLC
www.MDF-LAW.com
Phone number: 800-767-8040
New York City Office: 28 Liberty Street, 30th Floor, New York, NY 10005
California Office: 1902 Wright Place, Suite 200, Carlsbad, CA 92008

Marc Fitapelli
MDF Law
+1 212-203-9300
email us here

CEO of Coinbase Addressing Customer Reimbursements for a May 2025 Data Breach

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.