AG Nessel share recommendations on avoiding cryptocurrency scams

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LANSING, Mich. (WILX) – Michigan Lawyer Normal Dana Nessel, Michigan Division of Licensing and Regulatory Affairs (LARA) Director Orlene Hawks, and Michigan Division of Insurance coverage and Monetary Providers (DIFS) Director Anita Fox are issuing a shopper alert to assist Michiganders defend themselves when utilizing (or investing in) cryptocurrency as a substitute of foreign money issued by the U.S. Treasury.

“As cryptocurrency reputation grows, so will the prevalence of scams,” Nessel stated.

The alert explains fundamentals about digital foreign money, digital foreign money and cryptocurrency.

In response to a current article from the Wall Road Journal, the worth of the whole cryptocurrency market is greater than $2 trillion, up from $260 billion a yr in the past.

Some standard cash embody:

  • Bitcoin
  • Polygon
  • Ethereum
  • 1inch
  • Cardano

Listed below are some suggestions in case you are eager about investing in cryptocurrency:

  • Analysis earlier than you make investments and search on-line utilizing the corporate title in addition to the cryptocurrency title; add “evaluation”, “rip-off”, or “criticism” to your search.
  • By no means wire or present any bank card or checking account info till you take a look at the funding first.
  • Earlier than utilizing a digital fee app, reminiscent of Venmo, be sure you perceive the phrases and situations of utilizing and transferring totally different currencies by the app. 
  • Watch out whenever you see a star endorsement.

“As with every sort of potential funding, if a promoter ensures returns, if a chance sounds too good to be true, or in case you are pressured to behave shortly, please train excessive warning and concentrate on the danger that your funding could also be misplaced,” Hawks stated.

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