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State officials warn of bitcoin, virtual currency dangers

Some of Bitcoin enthusiast Mike Caldwell's coins are pictured at his office in this photo illustration in Sandy, Utah, January 31, 2014. REU
Some of Bitcoin enthusiast Mike Caldwell's coins are pictured at his office in this photo illustration in Sandy, Utah, January 31, 2014. REU

MADISON, WI (WTAQ) - Wisconsin officials warned consumers and businesses Thursday about the risks of investing in bitcoins and other virtual currency.  

The state Department of Financial Institutions said the use of certain currency may be unregulated, they're volatile in value, and they can be stolen in cyber crimes.  

Bit-coins were established in 2009 for transactions across international borders without banks or third parties checking on them.

Three months ago, a man in Eau Claire reported losing $150,000 in bitcoins, after a British man who promised to give him actual coins never did so.  

In March, some eyebrows were raised after a 28-year-old suburban Milwaukee woman who was the CEO of a virtual currency exchange died at a home in Singapore. Authorities eventually said that Autumn Radtke's death did not involve foul play.

(Story courtesy of Wheeler News Service)

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