I think Modes point wasnt so much that risk and scams (rugpulls...

I think Modes point wasnt so much that risk and scams (rugpulls as rhey call them) are limited to the crypto space. More that FA is not possible in 99% of cryptocurrencies as they have no fundermentals or use cases to analyse. At least with ASX penny stocks, one can do their research. A thorough FA of a company before ploughing in yout hard earned will go a long way. Won't protect you 100% of the time, but its a lot safer that picking the best performing cryptocurrency of the week.
People of course invest in ASX companies with the same lack of consideration. Fomo in on a parabolic rise, take a blind tip from a bloke at the pub, read hotcopper and believe everything you read from rampers. As much as I feel for anyone who looses more than they could afford... if thays ypur trading style, the it was only a matter of time