Crypto

New York Attorney General Urges Crypto Whistleblowers To Come Forward

In the United States, the Attorney General of the State of New York appears to want to encourage crypto workers and investors based in the Big Apple to file lawsuits against unscrupulous crypto companies.

Letitia James. Source: videotape, CNBC Television/YouTube

Attorney General’s Office (AG) Letitia James issued a press release yesterday urging people to contact the Office of Investor Protection if they believe they have been scammed by a crypto trader. She also asked people who are unable to access their accounts to report it.

Finally, Ms. James urged crypto industry experts to speak out against companies committing wrongdoing.

In a statement, James is quoted as saying:

“The recent turmoil and large losses in the cryptocurrency market are of concern. Investors were promised big returns, but instead they lost their hard-earned savings.”

She said all whistleblower complaints would be treated confidentially and whistleblowers’ anonymity would be preserved.

AG added:

“I encourage all New Yorkers who believe they have been scammed by crypto platforms to contact me.”

The AG office has painted a stark picture of the damage that the 2022 crypto winter has already done:

“Many high-profile crypto companies froze customer withdrawals, announced mass layoffs, or filed for bankruptcy while investors were left in financial ruin.”

In closing, the General Assembly “urged” New Yorkers “affected by the dramatic devaluation of the Terra and LUNA digital currencies and account freezes in betting programs such as Anchor, Celsius, Voyager and Stablegains” to contact the Office of Investor Protection.

Last June, Ms. James took to Twitter to warn that the “cryptocurrency market” was “highly unpredictable.” She urged New Yorkers to “be careful and think twice before putting your hard-earned money into this volatile market.”

James is no stranger to the crypto scene and has hosted a number of industry players during his tenure. Last year, she ordered two cryptocurrency lending platforms to cease operations in New York and also sued companies such as Bitfinex.

In June of this year, AG’s office reached an out-of-court settlement of approximately $1 million with BlockFi Lending, the latter being accused of “offering unregistered securities.”

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