There is a scenario where this doesn't turn out to be a complete and utter scam.  They had some type of board.  The problem with the YouTube video was that it stopped/started every so many seconds, which led me to think that this board was not functioning as fast as claimed for any prolonged period of time.  Maybe it ran for 90 seconds and then crashed, over and over, and they didn't have the know how to solve the problem.

Maybe they followed the Vorrick funding method where you collect [other people's] money up front, figure out how to build your ASIC afterwards, and then deliver something... eventually.

It's possible they took the money, they hired or will hire someone who knows what they are doing, they will eventually pay the PCB manufacturer, they will take delivery of the boards, test the hell out of all of them for, oh, three weeks or so and then deliver out of the blue when no one expects it.

Blame the delay on the "Chinese LunarShot Monkey-Dog festival," or some such tripe.

I give that outcome <10% probability, but maybe.