I don't think Cardano is running a shady exchange, but Cardano sure is traded in shady exchanges and people are losing money trading Cardano. I don't think that's a controversial statement.
People are losing money trading a lot of things, including but not limited to stocks, commodities and cryptocurrencies such as Cardano. I don't really see the issue with that?
I'm guessing it's the shady exchanges. There are several exchanges that have been around for a few years now, do you take issue with all of them or are you thinking of a specific one?