First and foremost, we have to understand that scams, frauds and deceptions can be happening to any industry and definitely this is not an exclusive issue with the world of cryptocurrency. There had been so many financial frauds in the modern human history and there were even involving banks and financial institutions to the detriment of their many victims. Now, scams and frauds became easier and even went global with the coming of the internet and then now with cryptocurrency.

Yes, this is a big issue that the whole industry should be concerned about. However, there is nothing we can do with individuals who opted that their calling in life is to fool other people and their fat wallets. So is there is something we can do individually? Yes, we can start to be smarter so that we don't become another victim of these evil people. In 2017, ICOs became so popular and since the market is decentralized it became the venue for many scammers to sell their projects and then just fly away. Now, as part of the response to maybe minimize the problem, we now see STOs and IEOs which are considered to be better though not yet a big guarantee that scams will never happen. Sadly, we can never do away with scams completely.