--- title: "Man Alarmed to Discover Entire Crypto Site Was Fake, Stealing His Money" description: "A senior invested his entire life savings into crypto — only to discover that the site he used was completely fake. " date: "2023-06-26" modified: "2023-06-26" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/crypto-site-fake-scam" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "crypto" - "cryptocurrency" - "scams" - "the digest" --- # Man Alarmed to Discover Entire Crypto Site Was Fake, Stealing His Money ![A senior invested his entire life savings into crypto — only to discover that the site he used was completely fake. ]() *Faceless hackers and malware hackers use laptops with dangerous digital code on binary code background. \Image: Getty Images\* ## All Russian to Me A senior citizen whose restaurant equipment business took a hit from the COVID-19 pandemic invested his entire life savings into cryptocurrency — only to discover that the site he used was completely fake. As [*NPR* reports](), 74-year-old Naum Lantsman decided to invest in crypto through a platform called SpireBit, which he found via an Instagram ad. Soon after making an account, the Los Angeles-based businessman was contacted by a representative who gave the name Pavel and who, like Lantsman, spoke Russian and had grown up in the former Soviet Union. His initial investment was $500, and within weeks, his SpireBit dashboard told him the money had nearly doubled. Soon after, Lantsman was convinced by Pavel to invest more and more, ultimately putting his entire life savings of $340,000 into the site. It seemed as if his money was growing exponentially, but as Lantsman learned when trying to withdraw some of his money, it was all a ruse. "When he logged on to SpireBit, he saw a very compelling fake platform that looked like money was being deposited," his son Daniel told *NPR*, "and that money was growing." ## Pending Withdrawal After Lantsman tried to withdraw some of his money, SpireBit sent over a document purporting to be from the British bank Barclay's — which the financial institution confirmed was forged — telling him he had to send two percent of his requested amount to the company "as a security measure" before the funds could be disbursed. Lantsman wasn't the only one drawn in by the scam, either. Aleksey Madan, a 68-year-old who also grew up in the former Soviet Union, had a remarkably similar story to Lantsman, down to the forged banking documents and the requests to send more money for so-called security reasons. "They were always promising me they're going to send me money back," Madan told *NPR*. "But it's always after owing them some other amount." ## House of Cards When investigating the two claims, the public broadcaster found that not only were SpireBit's supposed founder and executives fake people with stock image profile photos on LinkedIn, but also that the company is not associated with any of the large crypto institutions it claims to work with. What's more, SpireBit's purported parent company, the United Kingdom-based SBT Investments Limited, is not its owner at all. After *NPR* began asking questions, the [UK's Financial Conduct Authority issued a public warning]() about SpireBit, which it called an unauthorized firm that uses other established companies to make it "appear as if it is regulated." "We strongly suggest you do not deal with \[unauthorized\] firms," the FCA's warning continued. **More on crypto scams:** [*We're Obsessed With Caroline Ellison's Diary Being Evidence in the FTX Case*]() ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()