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NYS attorney general warns of risks when investing in cryptocurrencies

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New York attorney general Tish James is warning New Yorkers of the risks of investing in cryptocurrencies.  The market reached record lows this May, and investors lost hundreds of billions of dollars. 

She said cryptocurrencies are subject to extreme and unpredictable price swings that make them among the highest risks on the market. James said there are other risks, including difficulty cashing out investments, higher transaction costs, hidden trading costs, and limited oversight. There are no federally regulated exchanges like the New York Stock Exchange or the Nasdaq  for virtual currencies. 

Scott Willis covers politics, local government, transportation, and arts and culture for WAER. He came to Syracuse from Detroit in 2001, where he began his career in radio as an intern and freelance reporter. Scott is honored and privileged to bring the day’s news and in-depth feature reporting to WAER’s dedicated and generous listeners. You can find him on twitter @swillisWAER and email him at srwillis@syr.edu.