Crypto was never a Ponzi scheme, though that seems to be the default desription people like to use.

There is no central figure making money of crypto or taking people's money and reporting back huge gains.

Crypto is simply a baseless equity where faith is the only factor determining its value.

Bernie Madoff ran a Ponzi scheme. It was nothing like crypto. Crypto is just legalized gambling and only the buy low sell high people are making money. No one is being scammed.