With cryptocurrencies, there is no centralized authority in charge of the security of your funds. It’s the wild west of finance, which means you, and you alone are responsible for your money and its safety. If something goes wrong, there are no helplines for you to call, and there is usually no way to recover your funds if they’ve been lost.
This is why it is paramount that cryptocurrency users understand how to protect themselves when dealing with online transactions and interacting with the various websites and crypto-related services.
Furthermore, as the space is stil relatively new, it is mostly unregulated. When you couple that with the relative complexity of the services, you can see why the “crypto sphere” has become a paradise for hackers and scammers alike.
Source: https://www.entrepreneurshipsecret.com/ways-to-protect-yourself-when-using-cryptocurrency/