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by: Travis Schlepp, Nexstar Media Wire
Posted:
Updated:
by: Travis Schlepp, Nexstar Media Wire
Posted:
Updated:
The California Attorney General’s office announced the launch of a new website Tuesday which will provide information about risks and scams associated with the purchase of cryptocurrencies.
The website includes tips about purchasing and trading cryptocurrencies and non-fungible tokens (NFTs), as well as frequently asked questions regarding the sale and trading of digital-only assets.
“From celebrities to your next-door neighbor, it seems like everyone these days is investing in cryptocurrency based on the promise of fast and easy money,” California Attorney General Rob Bonta said in a news release. “Don’t fall for a fantasy – Cryptocurrency, like all investments, carries significant risks, and there’s no guarantee that you’ll see large – or any – returns.”
Bonta said the website will provide resources for Californians looking to get into the exchange of online currency with advice about avoiding scams and other pitfalls.
The Attorney General says anyone looking to join the cryptocurrency craze should always be sure to do extra research before investing in any specific asset, and urged those who are spending money to spend it wisely.
“You should only invest money you are willing to lose, and you should be on the lookout for red flags and potential scams,” Bonta said.
Unlike money that is kept in a bank or credit union, there is no government guarantee or insurance for digital assets, the AG’s office says. If you lose your money on a crypto scam or a coin goes bust, you’re on your own.
Bonta recommends Californians stay up to date with the latest cryptocurrency scams by visiting the new website, as well as subscribing to updates from other official agencies that deal with and monitor the exchange of cryptos.
Buyers are also encouraged to watch out for the signs of cryptocurrency scams.
The Attorney General’s Office provided the following warning signs to look out for when purchasing and trading cryptocurrency:
If you believe you’ve been scammed or think someone is attempting to scam you, you are urged to file a complaint with state and federal regulators.
Complaints can also be filed with the California Department of Financial Protection and Innovation, the Federal Trade Commission and the Securities and Exchange Commision.
Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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