Refereum is real project, but it's only don't paid bounty reward to bounty hunter as their early promised, even campaign manage by trust manager, bounty hunter also not 100% receive full reward when ICO finished, because dev can cut bounty reward while distribution or maybe bounty manager receive wrong information from dev when start the campaign
i am agreed with you, cutting bounty rewards always happens when participant dont get requirement amount as they've expected. i think a good bounty manager always has a filter to take ICO project. real and promising project is main filter i think. but now all seems a good progress where we've now a lot of good project here get a great result. a lot participants, coin sold out and embarrasing on major exchanger site.