An Old Man Lost His Life Savings Of Over $340,000 In Crypto Fraud

Why do you use social media? Do you use social media to get investment advice? Some experts will appear on your social media feeds and show you ways to make a living changing money. People lose a lot of money falling for crypto fraud.

Naum Lantsman, a 74 years old man lost his life savings of more than $340,000 becoming a victim of crypto fraud on social media. If you are young, you have time and more opportunities to make money to recover from the loss. It is sad to see this.

It is not that he has never heard of crypto scams but did not expect he would go through this. He saw a post about SpireBit on Instagram. It claims to be an international financial broker that deals with cryptocurrency. He created an account on SpireBit without doing any research about it.

A representative on Spirebit reached out to him on Telegram. After talking for a couple of days, he invested there. It started with a $500 investment which surprisingly turned into over $340,000 loss. How could someone invest that much amount over there?

The trick is on the dashboard. It shows he makes a profit from every trade. That seems incredible! Greed kicks in. People usually want to make more profit. So the investment amount increases. It ended up losing life savings money.

When you see something on social media especially something that is related to crypto and investment, you must not act on it without doing your research and investigation. Crypto fraud and scams are happening over and over on social media. First people see something that seems hard to avoid and act on it.

How you react and then take action in crypto, that's important. Scammers can impersonate someone or hack popular and reputed individual accounts to launch phishing attacks. Recently hackers hacked Uniswap founder Hayden Adams’ Twitter account and tweeted warnings about Uniswap exploit which did not happen. Then added a link to revoke quickly to keep tokens safe.

Crypto is not some sort of magic. Fear, greed, and taking investment decisions without doing any research can get anyone in trouble. There is a high chance it would cause losing hard-earned money.

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