Coinbase Scammer Sentenced to 12 Years for $16 Million Theft

Coinbase scam — A Brooklyn man who impersonated Coinbase support staff to steal over $16 million from customer accounts has been sentenced to up to 12 years in prison.

According to court documents, the defendant, Idris Dayo Mustapha, used SIM-swapping and phishing techniques to gain access to approximately 100 accounts on the cryptocurrency exchange. He then transferred the victims’ funds to wallets under his control.

Prosecutors presented evidence, including Mustapha’s own messages, showing he bragged about the scheme and admitted to losing roughly $6 million of the stolen proceeds through online gambling. The sentencing, handed down in a New York court, concludes a multi-year investigation.

The case highlights the persistent threat of social engineering and account takeover attacks in the crypto sector, even on major, regulated platforms. Authorities emphasized that such financial crimes targeting digital assets carry severe penalties.