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Alleged SpireBit crypto scam loses one senior his life savings

According to a report from NPR, a crypto investment scam called SpireBit drained the life savings of a 74-year-old man in California. The scheme followed a familiar pattern: an online ad followed by some personalized recruiting convinced the man to put a relatively modest sum into an online account with a platform supposedly showing his crypto investments. After seeing those investments skyrocket, the man was convinced to put in more and more money, seeing massive returns. Only once he had put in his life savings did he try to withdraw, and discovered he could not. Ultimately, he realized the platform was a sham.

SpireBit claimed to be partnered with established companies within and outside of the crypto ecosystem, and took on the name of a real company as its supposed "parent" firm. Its online footprint was convincing at a glance, but a little digging revealed LinkedIn profiles using stock photos as portraits.

After NPR began poking around, the UK's Financial Conduct Authority issued a warning that SpireBit "is an unauthorised firm that uses the details of a genuine FCA-regulated firm when offering products and services. This makes the unauthorised firm appear as if it is regulated."

NPR could not determine how many people had fallen for the scheme, or how much money had been lost in total.

Theme tags: Hack or scam