In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."
In 2015 there were not many coins circulating in the crypto market. So the level of fraud is also still minimal compared to now. If you check the CMC story, there are about 500 coins, and no Tokens. It was only after the emergence of Ethereum, Tron and others with smart contract systems that more tokens appeared in the crypto market. Those who want to create tokens so easily do so. So this gives rise to a lot of fraud in cryptocurrency.