This isn't an isolated incident. Theranos had no product. Many investors invest in founders instead of the idea, thinking that good founders know when to pivot.

This isn't an isolated incident. Theranos had no product. Many investors invest in founders instead of the idea, thinking that good founders know when to pivot. Occasionally, a founder doubles down on a bad idea and hides that they've figured out it was a bad idea from investors, but it is hard to predict if a founder will do this ahead of time. That said, my own opinion is that anybody who invests in the crypto space is either a scammer or a rube.