I don't know if they will face legal action. What I am thinking is that a lot of scam ICO's are getting away with it. They just keep on delaying the ICO progress until they disappear. So far, I have experienced one scam ICO. That is the TORQALL ICO. The managers just disappear and the project was left floating. I hate it when this happen. Hopefully, we will have a rating on this forum where we can check how legit the ICO is. There are a lot of websites for this but if its rated in our forum, much better.
My organization is working on a good set of objective standards that can be applied to rating a variety of ICO/ITO offerings as well as the quality of other crypto-related projects such as non-ICO cryptocurrencies, exchanges, payment gateway code, etc. All of these have some overlap in evaluation criteria but also some criterions that are specific to the type of project/entity being evaluated.
These standards will be fully public and open-source (code)/open-license (documents). It's important to have voluntary, baseline standards, it will help both new businesses demonstrate a level of competency in their projects, as well as existing businesses ensure they are following best-practices.
I've seen way too many hacks and scams. My organization is an incubator for projects to help them emerge as first-class businesses. While considering how to quantify the various factors that go into a successful project launch, we decided on standards development. Then it was pretty easy to decide that the industry as a whole could really make good use of these standards, which would evolve and be updated over time, with participation by any parties that want to be a part of the process.
Best regards,
Ben
