Crypto Theft Case Targets Ventura County Senior

A Ventura County crypto theft case has drawn attention after police say an 89-year-old retiree lost more than $97,000 through dozens of digital currency transfers. Investigators arrested William Ly, 26, of Simi Valley on Aug. 4 as they worked through a months-long probe into suspected financial elder abuse, grand theft and identity theft.

According to authorities, the alleged scheme began after Ly met the senior through a mutual acquaintance at a local breakfast club for retired men. The two became friends, and Ly later helped the older man with his cellphone. Police say that included resetting the password to the victim’s Coinbase account, which was tied directly to the retiree’s bank account. Investigators allege that more than $97,000 disappeared in more than 80 cryptocurrency transactions before the money ended up in accounts and crypto wallets linked to Ly.

The Ventura County Sheriff’s Office said the relationship stretched from June 2024 until September 2025, when the victim realized a large sum of money was missing. The sheriff’s Financial Crimes Unit then worked with the FBI and the Ventura County Fraud Working Group to trace the transfers through financial records. The investigation itself was launched in November 2025 after the sheriff’s office received a report of financial theft involving the elderly victim.

Ly was booked on suspicion of violating California laws on financial elder abuse, grand theft and identity theft. The case underscores how quickly a trusted relationship can be turned into an alleged financial crime, especially when digital accounts, cellphones and bank-linked crypto platforms are involved. In this case, investigators say the access point was not a hacked machine but a personal relationship that developed over time.