Umm... ya.

As far as this being a "cryptocurrency scandal", ... it's actually an instance of theft by deception / fraud (among being a violation of securities law, and more). But we have normalized fraud so that headline doesn't work anymore. So they mention cryptocurrency right there in the title of the article to get a click.

Looks like a horrible situation. Trusting people scammed.

i hate stories like this. but i would rather have this wild west where people are "free" to create these scams and people are "free" to invest in them or not than a regulated space where everything more or less grinds to a halt and over time the scammers end up controlling everything. Thats all.