"Note: Should ICO does not reach the target of 2000 BTC, only that many tokens will be mined as per the amount of BTCs raised."
Definitely the ICO will be over, no chance to raise 2000 BTC, especially for a busted scam. Scam bubble burst, sorry.
If we are unable to raise funds, we can term it as a Failed ICO.
Development of the platform will continue regardless of the amount of funds collected in the ICO.