If it's untrue then how all are in free fall?
No distinction of currency coins, privacy coins, tokens, blockchains, protocols, utilities etc.
All are falling.
Sadly yes, Most investors were hyped by the success stories of Bitcoin Millionaires and Easy money promised from ICO, dumb money were invested in some past ICO without really knowing the risk of it. Now many investors who invested during ATH or failed to sell their bags are burnt.