How can it be fraud, when you can read the contract? It's a clear if/then statement.
A famous example would be the Toy Yoda/Toyota fraud:
The Ethereum world (and potentially other cryptos) seem awash with this kind of thing.
That said, crypto is intentionally the wild west, because the Big Banks are bad. Libertarian economics, no oversight, no fraud protection, but freedom. Whether you want that is another matter. Personally I think it's a really really bad idea, and billions of monies have been lost, generated, stolen, etc because of it.