There are fresh warnings for those considering crypto investments after a retired US firefighter lost his life savings. 

Bachelorette contestant Zach Shallcross reportedly encouraged his dad, Chapman, to invest in Celsius crypto when he retired as captain of the Orange City Fire Department.

While it seemed a safe move at the time, the Celsius Network froze more than $4 billion in assets and filed for bankruptcy earlier this summer.

The elder Mr Shallcross became one of nearly 1.7 million people locked out of their wallets.

The Big Smoke CEO Alex Senter told Laurel, Gary & Mark it’s a warning to anyone looking to put their money in crypto.

“A lot of millennials, particularly, are moving away from traditional financial advisors and moving toward self-education,” she said.

“What actually is happening is a lot of people are giving advice to people who have traditionally have gone after advisors.

“They’ve instead trusted in their kids, who are tech gurus, in their mind, and understand what they don’t understand, which is cryptocurrency.”

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Financial advisor Glen James told Laurel, Gary & Mark the cryptocurrency world is “purely speculation” at the moment.

“Like anything, if you don’t understand it, don’t do it,” he said. “And if something feels risky, guess what, it probably is!

“With crypto, you might find it is risky, even if you do understand it.”

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Image: Getty