Investing in cryptocurrency is growing in popularity. As opportunities to make money grow, the potential for scamming or for misunderstanding the complicated world of digital currency is also on the rise.
The Michigan Office of the Attorney General, the Department of Licensing and Regulatory Affairs, and the Michigan Department of Insurance and Financial Services (DIFS) have issued a joint consumer alert regarding cryptocurrency. The value of the total cryptocurrency market is $2 trillion worldwide.
The state agencies suggest that potential investors research before using a company. Add the word “scam” or “complaint” to your search and see what comes up. Be very cautious when giving personal credit card or bank information or when using Venmo or other payment apps. Also, celebrity endorsements do not mean that a company is legit. It could still be a scam.
Anita Fox of DIFS said, “It pays to do your homework with reputable sources before initiating a transfer or giving out any personal information, and remember that if an offer seems too good to be true – it could be a scam.”
Reporting for WGRT – Jennie McClelland
