New Yorkers deceived or affected by crypto crash urged to contact AGs office

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Aug 01, 2022, 3:19pmUpdated 11m ago

By: Bob Doda, Senior Digital Producer

New Yorkers who were deceived or affected by the recent crash in cryptocurrency are being urged by New York Attorney General Letitia James to contact her office.

James says somehigh-profile cryptocurrency businesses have frozen customer withdrawals, announced mass layoffs, or filed for bankruptcy, while investors have been left in financial ruin.

The total value of crypto assets hit a peak of $2.8 trillion last November. In June, it was reported to be below $1.3 trillion, according to CoinGecko. Surveys show that roughly 16% of adult Americans, or 40 million people, have invested in cryptocurrencies.

The recent turbulence and significant losses in the cryptocurrency market are concerning, said James in prepared remarks. Investors were promised large returns on cryptocurrencies, but instead lost their hard-earned money. 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.

She called out the dramatic devaluations of Terra and Luna virtual currencies and account freezes on cryptocurrency staking or earning programs, such as Anchor, Celsius, Voyager and Stablegains.

According to the AGs release:

If you are worried that you or someone you know has been a victim of investment fraud, contact OAGs Investor Protection Bureau online or [email protected]. If you have worked in the crypto industry and believe you may have knowledge of wrongdoing, contact OAGs Investor Protection Bureau, [email protected], or file a complaint using the online whistleblower portal.

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