Mass. AG sues SpireBit for crypto investment 'scam'

The Massachusetts attorney general's office has sued SpireBit, an allegedly phony crypto trading firm, for defrauding customers.

The lawsuit alleges the company targeted elderly Russian speakers with an elaborate scam, using phone calls and pop-up ads.

According to the lawsuit, SpireBit marketed itself as an investment company offering income from trades in crypto, stocks and foreign currency.

"In reality, SpireBit is a fake company," the lawsuit says. "And all of its representatives regarding expected returns on investments are false.

Earlier this year, NPR told the story about a customer who lost his life savings of $340,000 in SpireBit.

Molly McGlynn, a spokeswoman for the attorney general's office, said the company also hurt people in Massachusetts, "especially vulnerable elders."

"SpireBit has used deceptive marketing, including manipulative social media advertisements, to attract investment in scam cryptocurrency," McGlynn wrote.
"The Attorney General’s office will hold SpireBit accountable for its fraudulent actions, and, by this complaint, seeks to put a stop to its fraudulent conduct.”

The attorney general's office lawsuit was filed last week against SBT Investments Ltd., which it describes as SpireBit's legal name. But the Financial Conduct Authority, a British financial regulator, warned that SpireBit had no connection to SBT Investments Ltd. of London and is an unauthorized "clone."

The Vermont Department of Financial Regulation also issued a warning about the company in June.

SpireBit's website appeared to be offline on Wednesday.