- Trending
- Comments
- Latest
An alleged crypto scam targeting an 89-year-old California man began with an unlikely friendship at a McDonald’s restaurant in Thousand Oaks and ended with nearly $100,000 allegedly transferred into cryptocurrency accounts controlled by a 26-year-old man, according to prosecutors.
William Bao Khoa Ly, 26, of Simi Valley, met the elderly man at a Thousand Oaks McDonald’s between June 2024 and August 2025, according to the Ventura County District Attorney’s Office. Prosecutors allege that what began as an offer to help with electronic devices developed into a relationship that gave Ly access to the victim’s phone and financial accounts.
William Bao Khoa Ly, 26, of Simi Valley, pleaded not guilty on Aug. 18, 2026. Ly was charged with multiple felonies after prosecutors alleged he befriended an 89-year-old man at a Thousand Oaks McDonald’s and stole nearly $100,000 from his accounts between June 2024 and August 2025.
Ly pleaded not guilty on Aug. 18 to multiple felony charges. He was arrested Aug. 4, released about 14 hours later after posting $50,000 bail, and is scheduled to return to Ventura County Superior Court on Sept. 22.
According to prosecutors, Ly initially presented himself as someone who could help the elderly man navigate electronic devices.
“Ly met the victim in June 2024 at a McDonald’s restaurant in Thousand Oaks. Ly claimed that he was proficient with electronic devices and could assist the victim with technology,” the Ventura County District Attorney’s Office said in a news release.
The alleged relationship then became increasingly regular. Prosecutors said Ly visited the man approximately two to three times each week after they became acquainted.
During those visits, authorities allege, Ly obtained the victim’s cellphone PIN. That access allegedly allowed him to reach financial accounts belonging to the elderly man.
“After befriending the victim, Ly began visiting him regularly, approximately two to three times a week. During those visits, Ly allegedly obtained the victim’s cell phone PIN and used it to access the victim’s bank and cryptocurrency accounts,” the Ventura County District Attorney’s Office said.
The allegation illustrates how an apparent personal relationship can become a pathway into digital financial accounts, particularly when an older person relies on another individual for help with technology.
Prosecutors allege that Ly subsequently used access to the victim’s accounts to conduct nearly 91 transactions.
The transfers reportedly totaled approximately $100,000 and were allegedly directed from the victim’s bank account into cryptocurrency accounts controlled by Ly.
The case therefore goes beyond a single unauthorized transfer. Investigators allege that the money was moved through numerous transactions over a period stretching from June 2024 through August 2025.
The victim’s bank ultimately detected the alleged activity and was able to recover more than $50,000, according to the report.
That recovery represents a significant portion of the money prosecutors say was taken, although the allegations indicate that a substantial amount remained unaccounted for.
The case highlights one of the difficulties surrounding a crypto scam involving traditional financial accounts: once money is converted into digital assets, tracing the movement of funds and recovering them can become more complicated.
Unlike a conventional purchase, cryptocurrency transactions can involve wallets, exchanges and multiple transfers. However, the presence of a blockchain record does not by itself guarantee that stolen funds can be recovered.
Ly faces felony counts of theft from an elder or dependent adult, grand theft and unauthorized use of personal identifying information.
He has denied the allegations by pleading not guilty to all charges.
The charges mean the case remains an allegation rather than a proven finding of criminal conduct. Ly will have an opportunity to contest the prosecution’s claims as the case proceeds through Ventura County Superior Court.
Booking records reportedly list Ly as 6 feet, 2 inches tall and identify his occupation as a “care salesman,” which the original report described as apparently being a typo for car salesman.
His release on $50,000 bail followed his Aug. 4 arrest. His next scheduled court appearance is Sept. 22.
The alleged crypto scam comes as authorities continue warning about financial fraud targeting older residents in California.
Older people can be particularly vulnerable to schemes involving technology when criminals gain their trust before seeking access to sensitive information. In this case, prosecutors allege that the suspect did not initially approach the victim with an overt investment pitch. Instead, the relationship allegedly began with an offer of technical assistance.
The allegations also fit into a broader pattern of concerns about sophisticated financial schemes targeting elderly victims.
The report noted that a Sonoma County woman was reportedly targeted in July by an organized criminal network specifically seeking elderly victims, according to a community alert.
For investigators, cases involving a crypto scam can present an additional layer of complexity because digital assets can be transferred rapidly after funds leave a victim’s bank account.
A person offering to help with technology may not necessarily have legitimate intentions, and sharing access credentials can expose both traditional financial accounts and digital-asset holdings.
The alleged crypto scam in Thousand Oaks also demonstrates why victims and their families should pay close attention to unexplained transactions. In this case, the bank’s detection of suspicious activity helped recover more than $50,000.
That intervention could prove important as prosecutors attempt to establish what happened to the remaining funds.
For older cryptocurrency users, the case offers a broader warning: financial security increasingly depends not only on protecting cash and bank accounts but also on controlling access to the devices and credentials connected to digital assets.
The alleged crypto scam remains before the courts, and the defendant is presumed innocent unless proven guilty.
Copyright © 2025 - The Bit Gazette.
