Storing all your net wealth in a single coin and/or wallet only to be scammed and lose it all is like buying the Mona Lisa and hanging it, uninsured, in a room of lit candles and then losing everything in a house fire!

Title says it all, the vast majority of crypto scams are made a life ruining matter due to poor financial decisions of the individual themselves and not a fault in crypto itself.

There are so many stories of people being scammed and loosing hundreds of thousands of dollars because they had a ridiculously large bag of a single coin all stored in a single location, be it digitally on an exchange or in a hardware wallet.

This is just plain ol' bad financial management, they should have put that single coin in several locations, several wallets, several exchanges and they should have brought a range of coins instead of a single one.

It is never smart to consolidate your entire net wealth into a single, completely uninsured location. You wouldn't turn all your savings into a few paintings and hang them in one room of one house.

You wouldn't buy one giant diamond and hope you never loose it or it gets stolen.

You wouldn't carry all your money as fiat in your wallet.

Even putting all your money into a home to live in, while it has the utility of being your shelter, would still be financially unwise. To then not insure the house would be your fault and no one else.

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So yes while getting scammed is often not the individuals fault, I have seen few stories where the person had taken the reasonable risk management precaution in advance and while no one deserves to be scammed I have little sympathy for people that stick their own neck into the guillotine only to be surprised when the blade suddenly drops down on them.