That's sort of illegal and shady. As far as I know, company's terms and conditions are usually drafted by a legal authority like a lawyer. You can't simply copy someone's terms and conditions and modify them. That simply shows you're not serious about your business. Who knows what else you could have copied from that site?

I'm afraid you're doing the right thing. He could be modifying the text to look legitimate. Usually when busting fake ICO's, I check their terms and conditions with a plagiarism checker to see if it's ripped off somewhere. I wouldn't advice going forward with this one.