He Advertised 10% Biweekly Return with Zero Risk

That's not how markets work. Investors seek to recoup around $35 million from Canadian "Crypto King" in his early 20s

"But it's CRYPTO! And crypto isn't like anything that came before," said no-one who understands how cryptocurrency actually works.

File this under "You can't lose money in [the investment scheme of the day]."

Pleterski had promised investors that he would invest on their behalf, taking 30% of any capital gains, with a goal of achieving 10–20% gains biweekly. He also promised that any loss on the initial investment would be paid back in full. Pleterski had made some money in crypto as a teenager, but according to him, he lost most of the money he was given to invest in late 2021 and early 2022 "in a series of margin calls and bad trades."

But like a lot of people before him, he didn't come clean, and instead he kept the party going.

And keeping records of clients and trades and debts is such a 20th Century kind of idea!

So far, the court and investors alike have struggled to untangle Pleterski's mess—according to him, he was unorganized and didn't track his finances or debts.

You can find more at this link: Luxury cars seized from 23-year-old 'Crypto King' as investors try to recoup millions

The loses on crypto as I type this, as tracked by Web3 Is Going Great is 10.888 billion dollars.

When did Americans start to expect something for nothing? Was it in the 1990s with the dot-com bubble. This was different than anything that came before. It didn't matter that Pets-dot-com had the revenue of your average dry cleaner in the 1980s, its valuation at or above GM (or whatever it was at its peak) didn't matter. Then it was real estate in the 2004 to 2007 era. Of course the banks went along with that insanity with all the various "loan products" they offered. "You can't lose money in Real Estate," said no one with a historical perspective on real estate ever said. During that insanity people would start a sentence with, "Historically in real estate" and then proceed to talk about real estate since Jimmy Carter was in office. (Credit default swaps, which were the prime trigger for 2008s collapse, have tanked the economy at least 7 times since the end of the Civil War, though they have had different names during those different eras, because "you can't lose money in real estate.)

No, it probably goes back farther than that.

And now, people who can't figure out why it might be a good idea to use a password manager (it's too complicated) or why they might want to turn on two factor authentication for their banks, credit cards, Amazon, whatever, are holding forth on the virtues and "risk free" nature of cryptocurrencies and non-fungible tokens. They can't explain the mechanism for using public key cryptography, let alone describe what eliptic curve cryptography is, or what cryptographically secure random number generator does, or what Diffie-Hellman key exchange is, but they love crypto-whatever. It's the latest thing.

The future is stupid.