The problem of fraud exists at all times and in all areas of life. The field of cryptocurrencies is a completely new area that does not yet have strict regulation by the states, and this gives more freedom for fraudulent activity. The good news is that this year the number of such unscrupulous projects has greatly decreased and there is hope that investors will return to the crypto sphere.
You are definitely right. Cryptocurrency has no regulation at all that makes it open for abuse. That is why scammers can easily scammed people without worrying for a penalty. Eventhough some were against that Crytocurrency will be regulated, we need to think about it.