Lantsman discovered this when he attempted to withdraw money from his account. The charts on his SpireBit account depicting earnings growth were fake. "When he logged on to SpireBit, he saw a very compelling fake platform that looked like money was being deposited, and that money was growing," said his son, Daniel Lantsman.īut it wasn't growing at all. Eventually, Lantsman poured his entire life savings, totaling more than $340,000, into the SpireBit account. Over several months, Pavel goaded him to invest more and more of his money. It seemed promising: When he signed in to his account, it appeared as if that investment had nearly doubled in a matter of weeks. Lantsman had initially transferred $500 into his SpireBit account. When Naum Lantsman logged in to his SpireBit account, it appeared as if his investment was growing, but it was not. Its website says it is an "international financial broker" based in London and helps people invest in cryptocurrencies. One day he was scrolling on Instagram and stumbled upon a post from a company called SpireBit. "I lost a lot of clients because a lot of them, restaurant and bars, they closed," Lantsman said.Īt the same time, his retirement savings, which he managed himself, took a hit as the pandemic gyrated stock markets. But many of them shut their doors when lockdown orders went into effect. He runs a business selling equipment and supplies to restaurants in the Los Angeles area. Lantsman, 74, turned to cryptocurrency investments after the pandemic upended his life. "I heard, and I read, but somehow I thought that I am not going to be one of them," he said. But Lantsman, in fact, was one of a growing number of people who've fallen victim to cryptocurrency scams.
Every time he'd log on to the trading platform he was using, it looked like he was reaping windfall profits. Naum Lantsman was sure his cryptocurrency investments were making money.
He fell victim to a cryptocurrency scam and ended up losing his entire life savings.
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