I think you are right, that's why most of them never succeed because all they do is hide behind not selling what dey wish before the ico and plan to get away with the fund of those who have invested, imagine a project who never exist but only written down on paper find it possible to raise up half a billion dollars. That's shit to me crypto just need government intervention to grow real.
Totally agree! I spent a lot of time doing the research and found nothing to invest in! Some of them sound so dodgy and intend to raise a big sum, yet some review/rating firms still give them green light. it's mad!