It does not matter risky ICO or not, if you want participating in ICO, firstly you must learn project team, Whitepaper and other documents.
I think that actually it's not about the desire to participate in the ico company, but about earning money at risky ico companies. Of course, everyone chooses whether he participates or not, but a completely different question is whether you will be able to earn as a result, even if you take part as investors or a bounty hunter.