Are the legs stretching when you enter into the Animation Editor or after you move the whole model (or torso) higher than the original starting position? This could be an issue with your weight painting where the bottom of your model has a less intense weight than the top.
The legs are stretching when I enter into the animation editor. This might be an issue with the weight painting because the head has a lot of (red) weight and for the rest its only the legs with a few (blueish) weight. What would be the best way to fix this?
Yes, this is most likely the issue, the blue indicated less deformation from the bones in the area. I suggest painting the legs fully red or searching for a short tutorial explaining how.
Example: [ Cube deformed with bones, Blue weight paint on top -> Red weight paint on bottom ]
It seems to be an issue with the scaling because when I keep my character the original size (way too big) it doesnt happen. No idea how to fix this tho
If you are exporting your character as an .FBX file there should be a window that shows navigation to choose where to save the file. On the right side you should see an option for scale. I suggest trying .01 or something in that range, play around with it.