Following the ICO certainly has the risk of losing money, I think it's a risk in the investment world. ICO depends on the product and team profile that builds and manages the ICO, if all good profile then the ICO product is good and not scam.
If we know how to research which is good ICO that may cause a lower risk to us because not all ICO's are a scam there are others that having potential in earning especially in investing. Investing in any project has to have a high-risk situation but if you know how to manage this risk maybe you get a better profit on every project.