I actually do not believe in this statement, but in fact a lot of Ico is really paying the people who participate in it, this is what makes investors now lazy investment in Cryptocurrency, because they have lost a lot of money but not get the tokens they buy . even I think, because of this ICO, now Bitcoin Price is falling.
I also do not believe that scammers turned out to be such a large percentage of all ICOs. Of course scammers are present, but it's possible that from some projects people expect too fast results. Developing a quality product requires a lot of time.