
IANAL, but I think that they would only have to prove that people were lying with the intent to commit fraud, not that they were not stupid for falling for it.
I have found literal thousands of posts made to Reddit and Twitter claims that these are good investments and some outright lying about NFTs and shitcoin s, and I don’t have millions of dollars at stake.

I think most people that lose money in NFT and shitcoin scams are not the ultra rich, but normal people looking to grow their savings to avoid having to work multiple jobs just to break even. I know people that have lost years of savings and some even got evicted because of this crap. Most ultra rich know these are scams, after all, they have to get rich somehow.

These are literally the worst investment possible, because all the value comes from speculation (people buying them to get rich quick). As soon as those buyers get spooked the cones crashing down to zero. With something like a share in a company, that entitled the holder to partial ownership of the company. Even if the company goes bankrupt, you would still get a share in the former assets of the company. You can of course lose money if you buy at a price that is much higher then the actual value due to speculation, but this is limited by the intrinsic value of the company’s assets.

TLDR: Farmer agrees to sell some flax in the future at a fixed price, by responding “👍” to “please confirm flax contract”. Later, as the market price of flax went up, the farmer demands more money. They buyer then goes to court to force the farmer to sell the flax at the agreed price, judge rules that the “👍” does count as agreement.
And more importantly, take investor’s money. Most tech company are constantly losing money and depend a continuous flow of investor money.
Reddit lost 90 million dollars last year, that’s why they did the IPO, so they could sell the problem to some sucker. Snapchat lost 1.3 billion last year, and would run quickly go bankrupt if people stopped investing.
As usual, the best way to get rich quick is by selling a get-rich-quick scheme.