Life gets difficult at some point of time but we have face the situation and that's how we grow strong.
Children these days often end up misusing their parents' trust but we as parents should give them another chance.
We should make them learn their lesson and guide them through the right path.
In this case, his father should guide him properly and teach him how money is earned the hard way.
Scamming other people's hard earned money won't do him any good and his father should make him learn this thing.
Maybe the father couldn't monitor this young son because he had little or no skills in technology or cryptocurrency. So the child could easily deceive him that he was learning a skill, meanwhile he was engaging in bad activities online.
Parents cannot force children to behave well, especially if they are mature; they can only counsel or advise them to take positive steps in life. Children are easily deceived by their peers, that is why parents should also observe the kind of friends they hang out with.
I think that when children hit an age 13-15 and become teenagers, parents not totally stop monitoring their activities, but do that very lightly. Children build some trust or show that they are smart or at least use their mind before doing something, so parents partly let go parenting and let children learn and experience world themselves. While parents at work, teenagers have that 8h minimum time gap to do everything they want. The right thing to do for that parent was probably to monitor his childs friends and people who surround him. Even if his child was behaving well all the time, his friends might force or "ask for help", and get involved into troubles.