The founder of ETHEREUM said that over 90% of ICOs are scams. By participating in an ICO, you give your money to a project that probably will never happen. Every day a new ICO comes out ... but what surprises me is that many people invest their savings in these very high risk projects. I think it is much better to invest in real projects already listed on the stock exchange .... of which you know everything well ... For example, BANKERA looks like an ICO scam .....
I don't think the situation is that bad although a sizeable percentage of Icos are not real but I think it's something around 50 percent and not 90 percent as you said. As the cryptocurrency world matures, such issues of fake Icos will be addressed with time. So, just be patient and keep an eye on what is happening.