The main appeal of it was that it was unregulated and outside the system. Not that long ago, many Bitcoin pumpers were claiming that government could not stop it even if they wanted to. Guess the narrative has changed...
The government was damn slow, but at least things are starting to move now. Was very good news recovering about 4 billion in crypto this month from the BitFinex hack of 2016. Only took over half a decade for that... haw! Now on to find where Dr. Ruja Ignatova (the crypto queen) is hiding out at. And while at it, the CEO of Thodex is still in hiding also with rumors of a billion in crypto from his own crypto-exchange. Have you seen him?!
Ruja's Onecoin did not even exist, she sold deep fried air in MLM style, only stupid idiots fell for her massive global scam. The scam was made via fiat cash payments, using fake names, on a global scale, I don't think they will ever find her. Regulators didn't do anything to stop her for years. Her scam was reported multiple times, some countries moved in first to forbid the promotion but none really did anything as she traveled the world in heavily promoted conferences. Anyone with a tiny bit of financial or cryptocurrency knowledge was able to call the bluff. Nothing was done by the authorities for years, and flock of idiots fell for it.
It's possible the mafia already caught up with her. Many months back a couple of her two big sales-pushers were found in suitcases left in a ditch. Don't scam the mob.
No, maxi's have always said, "not your keys, not your crypto" There is no evidence of a private key being brute forced hacked. BTC network is still producing blocks and folks are still doing P2P transfers.
I don't know what you've been reading but from what I can tell, they aren't stopping shit. Them finding ways to bust money launderers are just part of their plan for regulation. They can't stop it, since Bitcoin in many countries is legal, and they don't want to be left in the dust...
Scrutiny toward cryptos seems to be increasing all over the world, from what I can see. UK courts, for example, will be given new powers related to crypto fraud. In a speech the Head of Civil Justice in The Court System of England and Wales, Sir Geoffrey Vos, revealed that the Civil Justice Council (CJC) will be updating its provisions and legislations to make things much more easier for courts to trace and tackle down crypto frauds. The news rules will seeks to expand the power of courts to be able to tackle similar issues outside the jurisdiction.
https://www.cnn.com/2022/02/27/business/bitconnect-ponzi-scheme-satish-kumbhani/index.html BitConnect founder charged with orchestrating $2 billion Ponzi scheme