ICO is like venture capital without proper due diligence in a somewhat unknown and hyped market. What do you expect? I did not participate in one ICO and still have nice gains. My biggest fear in a ICO is that not even the full team but one member of a team runs off with the cash. I am not aware of a case of this but it could happen with solid projects, even with already working MVP too. They do not have good security measures on average (internally). I know how startups work. Fragile and a bit messy. I somewhat believe a startup is not ready for 20 million or such in funding if it is not a spin-off of a bigger company.