A friend of mine is part of a Mensa (top 2% IQ people) local chapter. He did that mainly for fun and no pedantic reasons.
He always tells me story of the problems they have organizing basic activities and governance for the chapter... Even when all participants have a very high IQ.
Beyond the validity of IQ, people do crazy things when trusted people, or in power positions give recommendations. Also by FOMO.
The second story is from a friend who is a second generation finance professional, knows about the complexity of investments in general and in crypto, had crypto companies, and more but was scammed in a basic way investing in a crypto fund.
The third story is about a group of business people who created successful businesses, have a WhatsApp group for recommending crypto investments: one guy recommended a DeFi project, I immediately recommended to escape from that investment because it didn't have a security audit (my field and basic due diligence) and... well the project was easily hacked.