According to CoinMarketCap’s data, there are nearly 20,000 cryptos in circulation and 527 exchanges[1]. Based on this data, an average of 22 cryptocurrencies entered the market daily to date[2].  Many of the crypto-assets that are being released seem to be emulating established crypto-assets such as Bitcoin and Ethereum, with a few cosmetic changes. A lack of regulation, abundance of jargon, useless coins saturating the markets, information asymmetry between various stakeholders, artificial hype and greed, Shariah non-compliance, leveraging, Riba-based activity and uselessness has resulted in a perfect storm in the Cryptoverse.