American regulators warn against crypto-scams
The North American Securities Administrators Association (NASAA) released their “Top Investors Threats for 2020” article, one of which are cryptocurrencies. The list also includes promissory notes, Ponzi schemes, real estate investments and social media/internet-based schemes. It was compiled based on the research done by regulators from the United States, Mexico and Canada.
The NASAA president, Christopher W. Gerold, stated: “It is important for investors to understand what they are investing in and who they are investing with. Don’t fall for promises of guaranteed high returns with little to no risk or deals pitched with a false sense of urgency or limited availability”.
According to Reuters, cryptocurrency scams hit $1.7 Billion in 2018, which is largely due to the irrationality of crypto-investors. In fact, an ICO was launched in 2017 for the Useless Ethereum Token (UET), that clearly stated it served no purpose whatsoever, and was still able to raise $40,000 in the first three days.
Due to the lack of regulations, scams and fraud are found with abundance in the cryptocurrency world. Nonetheless, we shall not exclude the scams that took place in traditional finance where much more money was lost. For example, an executive trader at JP Morgan pleaded guilty to manipulating the precious metals market for almost an entire decade; more time than most digital assets have existed.
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