Valenti Hanley PLLC

Kentucky governor warns for investment scams

The governor and other elected officials in Kentucky recently warned residents about a number of different scams that they need to watch out for in 2020. It sometimes feels like there are more ways to lose your money than you can count. Officials want residents to be careful at every turn.

One issue that they noted was the rise of "cryptocurrency-related investment scams." Cryptocurrency is a type of currency that can be used online, and the main form is Bitcoin. However, many different types of cryptocurrency have grown up over the last decade, and people do invest in them.

The governor called these financial investments "extremely risky" and noted that they may not be investments at all -- they may just be scams. The traditional regulatory frameworks do not always apply, meaning that these investments are not regulated as carefully, and that makes it easier for those who want to scam others out of their investments to do so.

The governor did not say that people should never invest, but just that they need to be very diligent and do their research before they do. They need to understand that there are quite a few different cryptocurrency schemes, and the market is always changing. Some examples include phishing websites, fake coins, fake markets and transfer scams.

Do you think that you have gotten scammed with any sort of investment, whether it involved cryptocurrency or not? This is just one area that the governor stressed; there are many other scams out there. Be sure you are well aware of the legal options that you have.

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