August 5, 2022

New York AG James Urges Cryptocurrency Investors to Step Forward

Lori Kalani, Bernard Nash

Cozen O'Connor

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Cozen O'Connor

New York AG Letitia James has issued an Investor Alert urging New Yorkers affected by the recent crash in the cryptocurrency market to contact her office. Since the beginning of the year, investors have lost hundreds of billions of dollars in cryptocurrency markets. This has included dramatic devaluations of virtual currencies such as Terra and Luna, and account freezes on cryptocurrency staking or earning programs such as Anchor, Celsius, Voyager, and Stablegains.
Said James, ““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.”
This is the latest in a series of actions by AG James to regulate the cryptocurrency industry. As previously reported, AG James has directed cryptocurrency lending platforms to cease sales of unregistered products; fined a Chinese-language social media company for selling stock and cryptocurrencies without registering as securities dealers and/or commodity broker/dealers and obtained a judgment against an unregistered cryptocurrency trading platform; and moved for a temporary restraining order against the same platform for raising funds in an unregistered securities offering and deceiving investors with false claims about its staff’s expertise and experience.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.