New York AG warns against crypto investments amid state push to ban mining
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New York Attorney General Letitia James has issued an investor alert against "risky cryptocurrency investments," citing the assets' volatility.
As New York pursues efforts to ban proof-of-work (PoW) crypto mining, the attorney general reminded investors of the risks associated with investing in crypto.
In an investor alert published Thursday, New York Attorney General Letitia James said that investors are “losing billions” in crypto. James highlighted that even digital assets that are well-known and are traded in reputable exchanges can crash. Because of this, the attorney general is convinced that crypto investments create “more pain than gain” for investors.
Apart from this, James urged New Yorkers to take extra caution when putting their money into crypto. Because of its volatility, the attorney general said that these investments may become a source of anxiety instead of a fortune.
The cryptocurrency market is extremely unpredictable. Just last month, the market reached record lows and investors lost hundreds of billions.
New Yorkers should be cautious and think twice before putting their hard-earned money into this unstable market.
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