The actor sat down with HLN's Carol Costello to discuss coming forward to the Los Angeles Police Department with accusations of abuse. The LAPD confirmed it has opened an investigation into Feldman's allegations.
Feldman alleges that both he and his best friend, the late actor Corey Haim, were abused as child stars.
He said it's been an emotional time for him.
"I'd love to give you something juicy, but my nerves are shot," Feldman told Costello. "I'm living in fear, not a good place to be."
"The Goonies" star said that while he's named names to the police, there is one high-profile name he's not gone public with and that's the person he fears.
Feldman said he gave the police information on that individual, though he was not victimized by him.
"He didn't abuse me, so it's a very tricky situation," Feldman said "I have information about it, but he didn't abuse me."
Feldman says pedophilia a problem in Hollywood
It's not the first time Feldman has spoken up about pedophilia.
In his 2013 memoir, "Coreyography," the actor wrote: "The No. 1 problem in Hollywood was, and is, and always will be pedophilia."
He talked to Costello about the further relief of talking to authorities about what he alleges happened.
"It did feel good to get that off my chest," Feldman said. "Again, so many people in town knew and yet nobody said anything."
He's planning a film on the issue
An IndieGoGo page
has been set up to raise money for a movie Feldman wants to make to expose pedophilia in the industry.
He said he's not gotten support from Hollywood.
"Of all these wealthy actors and producers in Hollywood who have been my friends, taken my side, why has not one of them come up and said, 'Hey, I want to help you get that movie made, here's a donation,'" Feldman said. "Not one."
Spacey allegations: 'Disgusting if it's true,' Feldman says
When it comes to allegations against "House of Cards" actor Kevin Spacey -- who actor Anthony Rapp said made a sexual advance toward him in 1986 when he was 14 -- Feldman said, "I think it's disgusting if it's true."
Spacey issued a statement claiming he did not recall the incident but apologized for what he said would have been "inappropriate drunken behavior."
Feldman said he has some thoughts on how to clean up sexual assault and harassment in Tinsletown.
"I would pre-screen every single writer, producer, director, everyone who came through the studio," he said. "If they have no sexual misconduct, no harassment of children, nothing like that on their record then they're fine to work here. If they have one blemish? They're gone. That's it, out of the business. Period."