Home Scam/Fraud AMF warns about the risks associated with crypto assets — Scam Guards

AMF warns about the risks associated with crypto assets — Scam Guards

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MONTRÉAL, May 3, 2021 /CNW Telbec/ – Amid the current speculative frenzy surrounding cryptocurrencies and other crypto assets, the Autorité des marchés financiers (the “AMF”) once again cautions Quebeckers about the inordinately high risks associated with them.

Initial cryptocurrency offerings, commonly referred to as ICOs (Initial coin offerings), are very risky, highly volatile investments that exist in an environment that makes them susceptible to manipulation and fraud.

Coins are created using readily accessible technology and are easily marketed on decentralized exchanges, without any third-party intervention or authorization. For example, many ICOs are launched on Ethereum, a decentralized blockchain that is open to everyone and whose use is unregulated. All it takes is a quick search of the Internet to find sites that explain how  to create coins and how to make them available in a just few minutes for trading on a…

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