The Wild Wild West
Since inception, cryptocurrencies have attracted a reputation as cryptic, unstable investments. Inherently, this has been due to high investor losses as a result of repeated scams, viruses or hacks. First off, understand that the underlying cryptography is typically solid. It’s the cryptic nature (pun intended) of understanding, utilizing and the storing of crypto assets that can be quite a hurdle for new investors to overcome. The industry has been compared to the wild wild west as it currently lacks sufficient regulation or oversight. This leaves us wondering… is cryptocurrency too cryptic?
If you recall the villainous outlaws in the wild, wild west, you’ll see that we now have our own emerging in 2023. Sam Bankman-Fried, the notorious former CEO of crypto exchange FTX, is facing multiple federal fraud charges. Mr. Bankman-Fried is currently accused of misleading investors. He allegedly used billions of dollars from his customers for his own ends. There are also countless websites illuminating other cryptocurrency scams that are making their rounds on the internet. One of the most common methods you may have seen is through social media. Multiple influencers and celebrities have been fined or charged for misleading followers online. Now, this is not to say that all cryptocurrency ventures are scams. However, there are always those who will try to take advantage of others for financial gain.
Making “Cents” Of It All
Abercrombie, Sanchez, Wood Law offers affordable general counsel for your small business with a focus on a long-term business relationship. This includes assistance with business investments, start ups, and business litigation. The best way to help you avoid problems down the line is to have competent counsel involved early. Take steps before your investments dwindle down to mere cents. Reach out to us on our website, DM or call us today at 888-981-7509. We can provide you an in-depth consultation to determine options for your small business.