🚨 SpireBit Cryptocurrency Scam Warning
SpireBit is a fraudulent cryptocurrency operation that has been officially flagged by multiple financial regulators and law enforcement agencies. This page documents the scam's history to help protect potential victims.
🎯 What is SpireBit?
SpireBit falsely presents itself as a legitimate crypto investment platform and "international financial broker." However, the UK Financial Conduct Authority (FCA) has officially designated it as an unauthorised clone firm that operates without proper authorization and uses stolen credentials from legitimate companies.
📅 Timeline of the SpireBit Fraud
June 2023 - NPR Investigation
NPR documented a devastating case where a 74-year-old victim lost over $340,000 after being targeted through Instagram and Telegram. The victim's account showed fabricated gains, and he received a forged "Barclays" letter demanding a 2% fee to release funds.
June 2023 - UK FCA Clone Warning
The UK Financial Conduct Authority published an official "clone firm" warning about SpireBit, confirming it is not authorised and noting it illegitimately uses details from legitimate firms to appear credible.
December 2023 - Massachusetts Legal Action
The Massachusetts Attorney General sued SpireBit (operating as SBT Investments) for deceptive practices specifically targeting elderly Russian speakers. The website appeared to go offline around this time.
🎣 How the "Pig Butchering" Scam Works
- Targeting: Victims are lured through social media ads, including fake celebrity endorsements (e.g., deepfake Elon Musk voiceovers)
- Trust Building: "Advisors" are assigned who build relationships over weeks or months
- Fake Profits: Victims see fabricated gains in professional-looking dashboards
- Deposit Pressure: More investments are encouraged based on fake profits
- Withdrawal Blocking: When victims try to withdraw, they're hit with demands for "tax" or "insurance" fees
- Final Theft: All funds are stolen, often after victims pay the bogus fees
🚩 Major Red Flags Identified
- Unauthorised Status: Not registered with any legitimate financial authority
- Fake Executives: Stock photos used for LinkedIn profiles of supposed company leaders
- Forged Documents: Fake bank letters and partnership claims
- Withdrawal Fees: Demanding advance payments for taxes or insurance
- Clone Identity: Illegitimately using details from real, regulated firms
- Denied Partnerships: Companies denied any association when contacted by investigators
⚖️ Legal Actions and Recovery Efforts
Massachusetts investigators successfully traced cryptocurrency wallets and obtained court orders to freeze assets on major exchanges. Through blockchain analytics, they identified over 700 addresses tied to SpireBit activity. Recovery efforts have resulted in:
- $217,000 distributed to four Massachusetts victims
- Over $600,000 returned across various cases
- Ongoing cooperation with exchanges to seize additional funds
🛡️ If You've Been Affected
- Stop immediately: Do not send any more funds
- Preserve evidence: Screenshot everything - dashboards, chats, emails, wallet addresses
- Report the fraud: Contact your local financial regulator and law enforcement
- Seek help: Consider professional blockchain tracing services
- Don't pay fees: Never pay additional "taxes" or "insurance" to unlock withdrawals
📞 Where to Report
- UK: Report to FCA as per their clone firm guidance
- USA: Contact your state's Attorney General or consumer protection office
- Global: Report to your local financial regulator
Remember: Legitimate investment platforms do not require upfront fees to withdraw your own money. SpireBit is confirmed as fraudulent by multiple authorities - avoid at all costs!