LA CROSSE, Wis. (WEAU) – While the popularity of cryptocurrency has exploded over the last decade, so has the prevalence of investment scams.
Cryptocurrency (crypto) is a computer-based digital currency that acts as a monetary system which can be exchanged for goods and services.
Exchanges with crypto are normally handled online between private parties, with no direct oversight.
“Typically, when we have our banking account we can look at what our account transactions are, but that’s being monitored by our lender,” WI Bureau of Consumer Protection Director Michael Domke said. “With cryptocurrency, all of this is stored on what’s called a ledger, and there’s a level of cryptography that basically encodes both the sender, the receiver, and the actual transaction information.”