When was the ICO held? It looks like an old project...
I suspect they canceled it because Crypto fell so bad that they are unable to fund it adequately.  If this is the case then I wonder why they are lying about it. It won't cause them anything to tell the investors what really went wrong with an apology. I really don't see anything special about the project that would make an investor aquire it.

The website specifically states that investors would be refunded. So give them the benefit of the doubt.