Naum Lantsman’s Illusion of Profit
Naum Lantsman firmly believed that his cryptocurrency investments yielded significant profits.
Each time he logged into his chosen trading platform, it seemed as if he was reaping substantial returns.
Unbeknownst to him, he had fallen victim to one of the numerous cryptocurrency scams.
Lantsman admitted, having heard and read about such scams, he had convinced himself that he would never be susceptible to them.
The Devastating Consequences of the Scam
The 74-year-old turned to cryptocurrency investments when his life took a dramatic turn due to the pandemic.
As a seller of equipment and supplies for restaurants in the Los Angeles area, many of his clients closed their doors in response to lockdown measures, resulting in a considerable loss of business.
Simultaneously, the pandemic wreaked havoc on stock markets, negatively impacting Lantsman’s self-managed retirement savings.
One day, while casually scrolling through Instagram, he came across a post from a company named SpireBit.
Falling Into the SpireBit Trap
The company claimed to be an “international financial broker” based in London, offering assistance to individuals interested in cryptocurrency investments.
Intrigued, Lantsman decided to give it a shot.
After creating an account, Lantsman started receiving messages on the messaging app Telegram from a company representative named Pavel, who conversed with him in Russian, Lantsman’s native language.
Their conversations became regular, encompassing a wide range of topics from vacations to family matters.
They formed a bond based on their shared background in the former Soviet Union.
Initially, Lantsman transferred $500 into his SpireBit account. The initial outcomes seemed promising as the account appeared to nearly double in value within a few weeks.
Encouraged by Pavel, Lantsman gradually increased his investments. Eventually, he entrusted his entire life savings, totaling over $340,000, to the SpireBit account.
According to Daniel Lantsman, Naum’s son, his father encountered a convincing counterfeit platform displaying apparent deposits and significant fund growth whenever he logged into SpireBit.
Regrettably, the growth was entirely fabricated. The charts illustrating earnings growth on Lantsman’s SpireBit account were deceptive and misleading.
Lantsman only discovered the truth when he attempted to withdraw funds from his account. SpireBit responded by sending a forged document, claiming to be from Barclays, instructing Lantsman to send 2% of the requested amount as a “security measure” to SpireBit. (Barclays later confirmed that the document was fraudulent.)
At that point, Lantsman found himself entangled in the scam. By the time his children discovered the situation, it was too late—the money had vanished.
The Increasing Prevalence of Cryptocurrency Scams
Expressing the family’s experience, Lina O’Connor, Lantsman’s daughter, stated that facing the reality of losing their entire financial stability carried a significant sense of shame.
The case of Naum Lantsman closely resembles that of another victim, Aleksey Madan, who NPR interviewed.
Like Lantsman, Madan, a 68-year-old from the former Soviet Union, sold a house in Indiana and fell victim to SpireBit, losing all the proceeds from the sale to the scam.
Madan initially invested $137,000 and attempted to withdraw it.
Similarly to Lantsman, he received multiple forged banking documents, supposedly from institutions associated with SpireBit, each demanding additional funds.
Madan revealed that promises of reimbursement were always contingent on sending more money.
NPR’s request for an interview or addressing individual cases was declined by SpireBit.
Instead, they sent a statement underscoring the volatility of cryptocurrencies and the inherent risks associated with trading them.
Regarding their services, SpireBit asserted that they work diligently to provide a secure trading environment for users but cannot be held responsible for user actions or the risks tied to cryptocurrency trading.
Experts caution that cases like Lantsman’s and Madan’s are becoming increasingly prevalent.
Increasing Prevalence of Cryptocurrency Scams
The rapid growth of the cryptocurrency market has attracted a surge of scams and fraudulent schemes targeting unsuspecting investors.
As for Naum Lantsman, his aspirations for a secure and comfortable retirement have been shattered.
He now relies on his family’s support as they navigate the legal process and explore potential avenues for recovery.
The Lantsman family hopes that by sharing their story, it will serve as a cautionary tale, urging others to exercise prudence and thoroughly research any investment opportunities before committing their hard-earned money.
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