You can not really tell ICO if it is a fraud or not to be in a market with high interest rates. Some ICOs are really scam from scratch, others just become scam because they fail to increase their number of goals but there are others who really make wealthy investors. The only legitimate and feasible way of ICO is to offer something new and better than Bitcoin. It is very rare and difficult to do so. Especially since there are already nine or more alternatives to Bitcoin, which offer more anonymity or some other distinct real features than Bitcoin.