The biggest risk is to your system's security. Sandbox analysis of AMTEmu samples has flagged concerning behaviors.

This risk is straightforward. Using AMTEmu is a direct violation of Adobe's End-User License Agreement (EULA). It is a form of software piracy. While individuals are rarely sued for this type of violation, using cracked software in a business or organizational setting can expose a company to significant legal liability, including fines and lawsuits.