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Attorney General James Warns New Yorkers About Crypto-Related Investment Risks

Attorney General James Warns New Yorkers About Crypto-Related Investment Risks

The AG advises NY residents to think carefully before investing their hard-earned money in this volatile market.

On June 2, New York Attorney General Letitia James issued a statement regarding the risks of investing in cryptocurrencies. The AG reminded NY residents that crypto is still in turmoil and that it might cause “more pain than gain” for traders.

The news arrived following the crypto market’s historic lows in May as a number of investors lost hundreds of billions. Currently, crypto is considered one of the most dangerous investments that are unpredictable in any way possible, according to the AG.

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James also underlined that digital assets might also be a subject to change one day and fall just like cryptocurrencies. The NY AG advises New Yorkers to exercise caution before investing their funds in dangerous crypto investment exchanges that may result in more concern than profit.

“Even well-known virtual currencies from reputable trading platforms can still crash and investors can lose billions in the blink of an eye."

The AG also shared the reminder on her Twitter account by suggesting that “New Yorkers should be cautious and think twice before putting their hard-earned money into this unstable market.”

On top of that, Letitia James distinguished a number of risks related to investing in virtual assets, including huge transaction costs that various trading platforms impose, difficulties in cashing out earned funds during “times of crisis,” cryptocurrencies’ unpredictable value, hidden trading costs, and “unstable stablecoins.”

Back in May, the Congressional Research Service (CRS) shared a brief summary of UST stablecoins' colossal fall and outlined several significant points.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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