Rationally, this all ought to make sense. But, somehow, people still flock back to the confident fraudsters, even when they know they're fraudsters.

There was a guy in Russia who became famous as the organizer of the largest financial pyramid in the country's history; it all fell apart very publicly, with many people losing their savings, and the guy was on the run for years until finally caught and convicted in yet another highly publicized court. That's it, right?

But literally as soon as he was out of prison, he starts a new company. Same exact name as before. And he openly advertised it as a financial pyramid this time! One year later, he walked away with millions more. And they couldn't even sue him for it because he was completely honest about the finances!

Then he went on to do the same shit but with crypto in other countries: India, China, Nigeria, Peru, Ghana, Thailand...

https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)