Someone can sell gold that doesn't really exist...just because it's new doesn't make it a scheme, there is crime in every field and crypto is a new field so it's easier to fool people, but it's not a fraud in its self.I think some of them could. Someone could create a "new" crypto currency with the intent of "pump and dump".
Crypto has no track record to speak of. Metals, and even paper currency of many countries have a 100+ year history. Crypto has less than 10 and some, like Chia have less than 5 years. There just isn't enough history to determine if they have any fraud or not.