Letitia James, the attorney general of New York, on Monday released a crypto investor alert. The report notes that some well-known cryptocurrency companies have halted customer withdrawals, made huge layoff announcements, or declared bankruptcy, leaving investors in dire straits.
She cautioned against buying cryptocurrencies in June, calling the market “very volatile” and “unstable.”
James advised any New Yorker defrauded or harmed by cryptocurrency platforms to get in touch with the Office of the Attorney General (OAG). She also urged anyone who “may have witnessed misconduct or fraud” in the cryptocurrency field to contact her office to register a whistleblower report, noting that it could be done anonymously.
The attorney general stressed how worrying the recent instability and huge losses in the crypto market are. She continued by saying that despite being promised high returns on cryptocurrency investments, investors ended up losing their hard-earned cash.
According to this alert, investors have lost hundreds of billions of dollars in cryptocurrency markets over the past few months as a result of the collapse of the terra (LUNA) and terrausd (UST) currencies and withdrawal freezes at several crypto companies, including Voyager Digital and Celsius Network.
“I urge any New Yorker who believes they were deceived by crypto platforms to contact my office, and I encourage workers in crypto companies who may have witnessed misconduct to file a whistleblower complaint,” Attorney General James detailed.
The attorney general also stated that she is eager to hear from New York investors who have been locked out of their accounts, who are unable to access their assets, or who have been misled about their crypto investments in her warnings.