The scammers are scaring new investors away and this must stop.
One reason why the market is on a downtrend at the moment. The security of exchanges is miserably low that they cannot protect it from hackers and intruders. The technology they are using for security is not secured and strong enough to resist hacking. Black hat hackers are really smart which is why the white hat hackers must know how the black ones think. It is their job to protect the exchange because hacking will make the exchange less credible and will affect the whole crypto market. Just like what you said, investors are getting scared now.
This topic was written almost a year ago, but has not lost its relevance. A few days ago, the Binance Exchange was again hacked and 7,000 bitcoins were stolen. Hackers will always be one step ahead, after which the relevant services will look for ways to protect against the hacking that has occurred. Apparently, this will always happen. Unfortunately, even the best programs will always have a vulnerability.