Cryptocurrency scams are on the rise, with one man losing $340,000 to SpireBit’s fraudulent trading scheme.
Zoom in: Naum Lantsman, along with other victims, lost his life savings by investing in SpireBit, a supposed “international financial broker” that facilitates cryptocurrency investments.
* Lantsman’s account on SpireBit showed fraudulent charts depicting earnings growth.
* Attempts to withdraw money from the account were met with forged banking documents demanding more money.
The big picture: Cryptocurrency scams have increased by 900% since 2020, according to the Federal Trade Commission.
* The lack of government regulation for cryptocurrency makes the industry ripe for abuse.
* Cryptocurrency transactions, which are difficult to track down, occur on an online ledger known as a blockchain.
Worth noting: AARP states that older adults are especially vulnerable to crypto scams.
* AARP hears about a loss to a crypto scam nearly every hour and advises against investing through someone met online or a random text message.
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