New York Attorney General Urges Victims to Report Crypto Scams
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According to a Monday notice, the Office of the Attorney General (OAG) is interested in hearing from New Yorkers who have been locked out of their digital asset accounts, cannot access their assets, or have otherwise been mistreated by cryptocurrency firms. Employees in the cryptocurrency sector have also been urged to report any misbehavior by filing whistleblower complaints.
NY Attorney General Concerned Over Market Turbulence
The warning follows the contagion that hit the cryptocurrency markets after TerraUSD crashed and well-known lenders Celsius and Voyager Digital went down. Investors have been unable to access their funds on these networks, among others, due to withdrawal freezes while businesses address their insolvency difficulties. James wrote in a statement,
"The recent turbulence and significant losses in the cryptocurrency market are concerning."
However, despite significant liquidations in May and June, cryptocurrency assets still have a sizable demand. The total market value of all cryptocurrencies increased by more than 8% over the previous week and is currently just under $1.1 trillion, even though it has decreased by more than half a year.
According to Eliézer Ndinga, director of research at 21Shares, more investments have been made into bitcoin exchange-traded products due to recent price changes and increased market enthusiasm on social media.