State Consumer Protection Officials Advise People to Steer Clear of Investing in Cryptocurrency

Monday, November 8th, 2021 -- 1:00 PM

(Raymond Neupert, WRN) State consumer protection officials are strongly advising people to steer clear of investing in cryptocurrency.

Consumer Protection Director Michael Domke says many new cryptocurrencies outside of established programs like Bitcoin or Etherium haven't panned out. "It's almost impossible to determine what those intentions are when they start which makes it so volatile and dangerous to invest in."

Domke says outside of established programs like Bitcoin or Etherium, it's a wild market, with little to no recourse for you if you get scammed out of your money. "Some of these opportunities can be spoofed or scams. Consumers can be taken advantage of through many of those pump and dump opportunities."

Domke says that unlike traditional securities or investments, there is little or no way to help people who get scammed. "It is something that if it isn't done right, isn't done with foresight and research, that the ability for departments like ours to help you and recover those funds that you were scammed out of is difficult to impossible."

If you do want to take the risks on investing, make sure to discuss things with a trusted financial advisor before taking that step.

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