Yes, this is also a problem for most ICO projects today.
I think most ICO projects are hype at present, and the funds raised have not been disclosed.
It is like deceiving the investors when they don't provide the address of where the funds they collected are stored and claiming that they have raised such funds. I think this should be the requirement when they state that and show proof that they have receive such amount. Most are in ETH and BTC though so it is traceable. I have joined one bounty and proudly claimed that they have raised thousands of ETH on presale and reach softcap but when ask where is the proof and address, they wouldn't say it and always saying that they will reveal it soon. It's clearly a scam.
This is getting more common every day but at the same time investors are identifying this form of scam, an ico can claim to have raised any amount of money they want but if they are not showing proof that is the case then we have no reason to believe them and it is a good idea to question them and to make them to prove their claims if they do not then we can say that most likely the project is a scam.
If they don't want to show their investment wallet address, they will have many reasons to reject the investor requirements. What can we do? we can't ask for refund, they won't accept.
If they show their investment wallet, we can check where our money goes after the ICO ends? or does they use the money in right purposes as the light paper info?
Everything must be clear, the investors should unite and try to ask for this.