Crypto Site Scam Steals Man's Money

A 74-year-old businessman invested his entire life savings of $340,000 into cryptocurrency through a platform called SpireBit, which he found via an Instagram ad. However, he soon discovered that the site was completely fake and his money was being stolen. The company's supposed founder and executives were fake people with stock image profile photos on LinkedIn, and the company is not associated with any of the large crypto institutions it claims to work with. 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."