Comment by derangedHorse

Surprisingly, there's also no "higher power" to get your money back from scams using traditional banking rails as well. I have family members who have lost thousands from bank transfers to legally registered companies that establish legitimacy through having a business bank account. It usually takes forever to shut them down, even after hundreds of thousands of reports from people like me who recognize what they are early on.

Many haven't actually lost money in significant ways through bank transfers, but when it does happen, the disillusionment of institutional security really falls away. Additionally, governments are slow and ineffective, so when these companies do get caught with class action lawsuits, they usually don't have anything to return.