Why did people continue to invest in bitconnect when it was offering 1% daily compound interest which is absolutely insane?

Investing $1,000 into bitconnect would theoretically lead to $50 million in returns within a period of three years if they followed through with the rates they were offering and people still thought that it was not a scam?

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Bitconnect at its peak was the 8 th largest cryptocurrency by market cap and 1 token reached a peak of 460$ and no one batted an eye?

What were the authorities that are supposed to prevent such blatant frauds doing? I can for once understand that a normal or less financially illiterate person may get fooled but what about the authorities the regulatory bodies , where were they?

I was not active into crypto when this happened so I really wanna understand how TF did this scam become so big and continued for so long because it's kind of mind boggling.