1.2 billion is nothing compared to other industries.
According to TransUnion, back in 2016 the E-commerce market lost 7 billion dollars because of fraud in the US, a figure that it's expected to reach over 30 billion dollars by next year[1]. But the mainstream media won't say anything about this, the guys pulling the strings behind the scenes in these news sites only want the general public to have a negative perception on cryptos...Bastards.
1.
https://www.transunion.com/blog/trends-in-retail-fraud-what-you-need-to-knowDude, Bernard Madoff alone stole $65 billion with his Ponzi scheme and that's just one single individual, fraud happens everywhere, it's not really easier to do it in crypto.