New York Attorney General Letitia James has issued a warning about investing in cryptocurrency and that even well-known cryptocurrencies can crash and wipe away investments in "the blink of an eye."
<h2 class="content__title "><strong>NY AG Warns New Yorkers About the Risk of Investing in Cryptocurrencies</strong></h2>
In a <a href="https://ag.ny.gov/press-release/2022/investor-alert-attorney-general-james-warns-new-yorkers-about-cryptocurrency" target="_blank" rel="noopener">statement</a>, the Attorney General reminded that last month, investors lost hundreds of billions of dollars in crypto investments in the <a href="https://www.cryptoknowmics.com/news/coinshares-reportedly-lost-21m-from-ust-crash/" target="_blank" rel="noopener">market turmoil</a> and said even legitimate virtual currency assets are subject to speculative bubbles and security issues. She added that the market also lacks significant oversight as there are no federally regulated exchanges.
<blockquote><em>“Too often, cryptocurrency investments create more pain than gain for investors. I urge New Yorkers to be cautious before putting their hard-earned money in risky cryptocurrency investments that can yield more anxiety than fortune,”</em> she wrote in the press release.</blockquote>
https://twitter.com/NewYorkStateAG/status/1532433617498021888

Earlier last year, the Attorney General shut down cryptocurrency trading platform Coinseed and also took action against two crypto lending platforms.

The guidance is the latest push by the New York attorney general’s office to regulate the crypto market. The office has also issued alerts before, including one in March that urged “extreme caution” in investing in crypto, and reminded industry professionals of their legal obligations to register with the office of the attorney general when doing business with virtual currencies.

New York Attorney General Warns on Investing in Cryptocurrencies

New York Attorney General Letitia James has issued a warning about investing in cryptocurrency and that even well-known cryptocurrencies can crash.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

New York Attorney General Warns on Investing in Cryptocurrencies

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