Since the blockchain was an open source platform and there have been lots of people were creating and building their own blockchains and the introduction of the smartcontract was making it much more easier to create a new token or security token. Some people have complained about this but this can't be prevented because they were creating it with their own intention.
As long as you nor he was choosing the major coin and it must not be a problem.
Agree, the top coins or those in the top 10 of the list are more likely to have lower volatility and less risk than newly released coins. However, even though you have bought a major coin, it still does not rule out the possibility that you will lose too.
What I hate about the phenomenon of increasing the number of altcoins every day is that developers don't really have a strong desire to compete with other coins in a sporting manner. They too expect the coin to go viral and get high gains. This is one of the desperate traits of a fake developer who wants to get rich instantly.