During the 2017-2018 bull run, crypto experience fraud from bitconnect, onecoin etc who disappear with billions of peoples dollars.
At bull run 2020-21we also experience fraud who will subsequently take advantage of people gullibility to ruin them, Luna, 3AC, Ftx, etc.
you should know that no matter the punishment for the person behind these scandals, there will always be bad actors in the crypto ecosystem at the next bull run .
We need to be sure where we put our money, no matter how solid the project or exchange looks like, if the founders mismanage people fund, we will be burned if we don't take the necessary measures, imagine those who believe Do kwon's Luna.
When they finish talking advantage of Bitcoin and altcoin all time high, they converted everything to ust to be able to earn free money 20% a year on anchor protocol.
And selll their ust at a loss because they where skeptical of depeg at the beginning and believe too much in Do kwon.
After having sold there ust's they took the remaining money to put in Ftx to loose in November because they where quite gullible.
It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem. Don't be too believing of anyone in the crypto ecosystem, especially with your hard earned money, tred with caution.
This is a nice thread, but I was wondering as to how those who were scammed will feel. I feel so bad for them; you are right that we shouldn't trust anyone with our money, but anyone who gets involved in cryptocurrency from the beginning must be prepared to lose money. For this reason, everyone should be aware of how it works before participating in it, as the majority of people won't have much knowledge about cryptocurrency and when this kind of a thing happen they will be complaining that they get scam.
Because of this, some people view investing as gambling; they view it as the same way that people are duped. Rather than using their money to invest, these people would prefer to use it to gamble, and when they lose, they do not point the finger at anyone or complain because they are aware of the system's operates. The same is true for cryptocurrencies, and in my opinion, when we use the best exchange, our assets will be secure. Nevertheless, we should be aware that there are risks involved and that we cannot always win.Because we can't just leave our wallet outside and assume it will be safe.