Vermont investors are being warned to look out for scams related to cryptocurrencies as one of the popular digital currencies, Bitcoin, experienced a surge in value.

In the past month alone, the Vermont Department of Financial Regulation received consumer complaints related to cryptocurrency scams that total over $1 million in losses.

As of Aug. 24, one Bitcoin was valued at $48,607, up from $34,252 a month earlier.

Many of these scams, the department states, are coming as the number of cryptocurrency transactions in Vermont has “skyrocketed” over 400% percent, from 44,290 transactions in 2019 to 224,283 transactions in 2020.

“Innovations in financial services can bring important benefits to consumers, but Vermonters should approach these products with caution, particularly when considering substantial investments,” said Michael Pieciak, commissioner of the Department of Financial Regulations, in a news release on Monday.

More than 10,000 different cryptocurrencies exist across more than 350 exchanges, exceeding $1 trillion in value.

“Cryptocurrencies are…

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