A lot of people still haven't figured out that crypto is a psychological hack, not a technological or a financial one.
It's just virtual tulip bulbs and South Sea Company shares. And that's all it's ever been.
The fraud is the point. It's not an unfortunate, isolated, and regrettable accident. Crypto literally raises the cost of borrowing by making it trivially easy for fraudsters to steal it, under the cover of running a "secure exchange" or a global high profile pump and dump, or worthless NFTs, or whatever the next scam du jour is.