Imagine being a former deputy, someone who’s supposed to uphold the law, and instead you decide to moonlight as a crypto-era “Mr. Big” sidekick. That’s exactly what Michael Coberg did, and now he’s getting a front-row seat to the prison tour. Not a great look, Mike.
he wasn’t.
Coberg, who once wore a badge with pride, now has a new hobby: 63 months in the slammer for teaming up with Adam Iza, the founder of crypto trading platform Zort. Not exactly a Wall Street success story.
He’s also on the hook for $127k in restitution. Good luck with that, buddy.
According to prosecutors, Coberg pocketed at least $20k a month from Iza, who somehow managed to earn the nickname “The Godfather” while running a crypto platform. Must’ve been a fan of The Sopranos… or just really bad at boundaries.
Back in October 2021, Coberg helped grab a guy named “L.A.” (a name so vague it could be a location, a person, or a bad Netflix show) during a financial squabble involving Iza. Classic drama.
Coberg then “kindly” escorted L.A. to Iza’s house, where Iza recorded a video and forced him to transfer $127k to his account while Coberg stood guard like a really bored bouncer. Nice work if you can get it.
Later, Coberg took the victim to a firing range, where Iza held him at gunpoint and demanded more money. Because nothing says “trust” like pointing a weapon at someone’s head over a crypto dispute.
Prosecutors also allege Coberg cooked up a drug-related arrest scheme targeting another victim, “R.C.,” with help from Christopher Cadman, another ex-deputy who’s also in hot water. Teamwork makes the dream work… in prison.
Coberg pleaded guilty in September to conspiracy charges, while Iza awaits sentencing after admitting guilt last year. Both are now officially the worst examples of “crypto success stories.”
Crypto extortion, or “wrench attacks” as they’re now called, are trending. As previously reported, a couple in Paris was held hostage and forced to send $980k in Bitcoin. Because nothing says “digital security” like having someone physically hold you hostage. Progress!
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2026-03-17 12:20