So did they ask the community for an ICO or how did they "fund" the "development" of their exchange? What's the actual scam here about and how much was presumably lost? CryptoDao was fully operational but very slow and pretty bad. As I said, this one exclusive ICO obviously convinced some people to deposit funds over there.
There was an ICO, with bounties, signature campaign, etc., and it successfully raised a considerable sum, although now I doubt that they reported it accurately.