In my opinion ICO without whitepaper cannot be trusted. Whitepaper is a medium that can tell in full and detail about a project. If there is no whitepaper then there is no complete media to communicate the project with ICO partners, especially for investors. If indeed a project is arranged in a well-planned manner a timeline for its implementation and the details are clearly stated in the whitepaper. Therefore if there is an ICO without a whitepaper then I would prefer not to follow it. I prefer the safe course instead of the middle of the ICO road failing or deceiving, I can suffer a lot of losses. I also believe that ICO without whitepaper is a fake ICO.