AG Nessel share tips on avoiding cryptocurrency scams

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LANSING, Mich. (WILX) – Michigan Legal professional Normal Dana Nessel, Michigan Division of Licensing and Regulatory Affairs (LARA) Director Orlene Hawks, and Michigan Division of Insurance coverage and Monetary Companies (DIFS) Director Anita Fox are issuing a client alert to assist Michiganders shield 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 mentioned.

The alert explains basics about digital currency, virtual currency and cryptocurrency.

In line with a recent article from the Wall Street Journal, the worth of the overall cryptocurrency market is greater than $2 trillion, up from $260 billion a 12 months in the past.

Some standard cash embrace:

  • Bitcoin
  • Polygon
  • Ethereum
  • 1inch
  • Cardano

Listed here are some suggestions if you’re focused on investing in cryptocurrency:

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

“As with all kind of potential funding, if a promoter ensures returns, if a chance sounds too good to be true, or if you’re pressured to behave shortly, please train excessive warning and pay attention to the chance that your funding could also be misplaced,” Hawks mentioned.

Copyright 2021 WILX. All rights reserved.

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