'It's the Wild, Wild West': Meet the Crypto Hunters of New Hampshire

Virtual Currency, Digital Assets and Blockchain Technology attorney Andrew Balthazor spoke with The Boston Globe about how consumers can safely and successfully navigate the emerging cryptocurrency industry. Despite the volatility of bitcoin and other cryptocurrencies, business is booming, including a rise in companies specializing in hacking crypto wallets. While these services can be a godsend for those who have lost passwords, consumers need to vet companies carefully to protect themselves and their assets. Mr. Balthazor said one big red flag is a large upfront charge -- any payment should be contingent upon recovering funds. He added that reading a company's online reviews can be helpful, but some fraudsters know to "flood review sites with positive reviews." Furthermore, if a company claims it can hack "hardware wallets," which are special devices that store bitcoins, consumers should ask how many attempts the company will make before stopping. Often, too many unsuccessful attempts will lock a user out permanently. Finally, noting that the sector is "rife with fraud," he offered a concise piece of advice for consumers.

"Go in eyes wide open," he said.

READ: 'It's the Wild, Wild West': Meet the Crypto Hunters of New Hampshire (Subscription required)