Different sources suggest that about €8 million are lost every day due to scams in the crypto environment and the numbers continue to grow. A lot of victims who were targeted by cryptocurrency scams are thought to lack experience or judgement in the field. Despite the fact that cryptocurrencies have been in market for almost 10 years, the question “is bitcoin a scam?” still lingers on some minds. The easiest explanation for this is that individuals fear what they do not understand: the exponential growth of the blockchain technology, of the variety of new coins in the market, of products to invest in or cryptocurrency-based projects to be a part of. This becomes the perfect fuel for most of the scams and malpractices in the financial field.