MISSOULA, Mont. — Montana State Auditor James Brown is warning Montanans to stay cautious when investing in cryptocurrency or other digital currencies.
Brown says his office received an uptick in complaints from residents who are victims of digital currency scams, which he says is due to the lack of regulations.
“We’re going after folks that we believe are fraudulently harming Montanans. I would just tell Montanans before engaging in investment in these digital currencies to be very, very careful about what you’re investing in and be sure that you’re actually investing in a legitimate project,” Commissioner Brown said.
Brown says his office has seen $7.5 million dollars in investors’ crypto fraud losses.
He says most cases occur online and oftentimes overseas, which makes it more difficult to prosecute.
If you’re a victim of a cryptocurrency scam contact the Montana State Auditor’s Office at 406-444-3064.