That's a fact. Cryptocurrencies have become the most loved investment option of this blockchain era. But, fraudulent ones make use of the technological unawareness of people - millions of money got lost in bitcoin scams. Some analysts say like the sudden rise and fall of bitcoin/other cryptocurrencies can be a type of scam called 'Pump & Dump Scam'.

In general, there are 7 types of bitcoin/cryptocurrency scams to be aware of -
https://www.epixelmlmsoftware.com/blogs/7-bitcoin-scams-to-be-aware-of