It's not based on a true story. The plot and characters were made up by the writers to engage and captivate the audience with an interesting fictional narrative.
It could mean that fools or unwise people quickly get involved in a situation which is based on a real - life event. Maybe they don't fully consider the consequences because they are rash, while the situation has its roots in an actual occurrence.
There was a situation where some investors heard about a new startup that was getting a lot of hype. It was based on a new technology and there were some real - world success stories in a related field. But without really understanding the market or the technology deeply, these investors, like fools, rushed in to invest. Later, the startup failed, and they lost their money. This is an example of 'fools rush in based on true story' as they were influenced by the real - life success in the related area.
Well, 'fools rush in' is an expression meaning that unwise or hasty people act without proper thought. If it's 'fools rush in true story', perhaps it refers to a real - life situation where people rushed in (maybe into a situation like a business deal, a relationship) without thinking clearly and the story is about the consequences of that.
One example could be those who quickly invested in a new cryptocurrency without understanding how it really worked just because they heard others were making money. They rushed in like fools and many ended up losing their money.
Rush is not based on real events. It's a work of imagination crafted for entertainment purposes. The plot and characters are made up to engage and thrill the audience.