Just like into that ICO boom where people do really believe that it could bring out fortune into them until the market had been flooded out by lots of shit and garbage projects which we dont really need.
People are always attracted to high profit in a short time. Even though there are several red tags and warnings regarding the possible loses on this kind of high-risk investment, they just don't listen.
Lots had been scammed and lots had lost their money or investment but people or the community doesnt really learnt up from those mistakes and keep supporting and investing on things which are obviously scam and not really worthy and from ICO we do see IEO,Defi and here comes NFT and we dont know on whats next.
I think this kind of fraudulent projects will always pop up every time there is a new trend. Scammers are experts in exploiting the trending and hot talk of the industry. They even release several fraudulent projects at the same time, either copying other ideas or creating non-feasible ideas. And still unwarry investors always take the bait.
Every investment does have risk which it is depending on someone where they would really be that mindful on following risk management and good emotional handling.
Aside from that, they should always check the developer's true background because it is rampant in this crypto industry to fake the developers background.