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.” NY AG Warns New Yorkers About the Risk of Investing in Cryptocurrencies In a statement, the Attorney General reminded that last month, investors lost hundreds of billions of dollars in crypto investments in the market turmoil 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. “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,” she wrote in the press release. The cryptocurrency market is extremely unpredictable. Just last month, the market reached record lows and investors lost hundreds of billions. New Yorkers should be cautious and think twice before putting their hard-earned money into this unstable market. — NY AG James (@NewYorkStateAG) June 2, 2022 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 m...
