Initially, they weren't exploiting the system; they were just gambling. Even some large-scale investment agents were afraid of running away with the money, otherwise they wouldn't have disappeared in the first place… But later, it was discovered that the police and courts were "biased" towards them. You could receive tens of thousands of Ethereum, whether for issuing tokens or investment, and nothing would happen; instead, the investors would bear the consequences themselves. Actually, in the beginning, the police or courts would try to mediate privately, but if mediation failed, there was no way to punish them because there was no legal basis…
