"Due to the nature of this campaign,funds can not be escrowed. We have successfully raised the soft cap and we are confident that the upcoming ICO will hit the hard cap. We are committed to pay the participants from the amount raised. Please do your due diligence before participating in our campaign. Your participation implies that you understand the risk involved.
They can escrow 1% of the hard cap, or at least a reasonable amount (ex 0.5% of the hardcap) so that participants aren't left with nothing if they disappear. Just sounds like a BS excuse for them to avoid escrowing funds to me.