Good find! Most coins from xpNb and Xmxw addresses ended up at JZPQ which looks like an intermediate exchange address to my eye.

They could have sold BTC to fiat to avoid BTC price volatility, or simply move the coins somewhere else.

To prevent speculation about potential money waste and cashing out, they could start reporting. Every 1-4 months publish a statement how the money was spent and how much fiat/crypto is left. After 2 crowdsales and 2 years of work it would be a wise and responsible step.