I think they are not. They spent too much energy to be a scam. But they chose not the right tactics to wait for the top stock exchange. This may take a very long time, the top of the stock exchange seldom quickly list new projects. By the time they are approved, interest To the project there can be less or even a precipice
It seems to me that only the final result can let know how to think about this project. After all, you agree that even scammers spend a lot of time and energy to deceive investors and take money for themselves.