If this happens, i think it will mostly be because of the scams that have been going on unabated in the name if crypto-investments. Who knows how many people lost money in the crypto MLMs and token scams where actual salesmen were selling tokens to uninformed residents of tier-2 and tier-3 indian cities. It will be nearly impossible to nail the actual culprits I guess and the P2P traders would probably be the first ones to go.

It is a sad state of things really and this is a problem that governments all over the world would probably be grappling with. In a country like ours, the sheer size of population and aspirational behavior (greed?!) of its people makes the problem multiply manifold. If and when this purge happens, its going to be a major case of throwing the baby out with the bathwater.