I agree and that's quite the right interpretation of the current situation. Young people are obviously more energetic and hence more attracted towards flashy investments but that doesn't mean young people are the only ones losing money to such schemes. I am not sure about what age group people lost money in the gigantic PlusToken scam but they were all inexperienced and naive because no Ponzi can pay you forever.
Young people may be quite energetic, but in most cases they don't have surplus funds in their hand to make investments. In case of PlusToken scam, it was mostly pensioners who lost money. They got fooled with the promise of sky high returns and invested their hard earned money without double checking about the authenticity and viability of the project. And PlusToken was perhaps the largest scam in cryptocurrency sector. Total losses amounted to many billions of USD, mostly in China and other East Asian nations.