It is very scary to participate in ICOs who do not have whitepaper. You can lose your money within a twinkle of an hour and you can gain too but the probability of you losing is very high.
ICO without whitepaper points to the lack of professionalism of the project team. This document should not be missing. It is necessary for investors to obtain comprehensive information about the project. The lack of whitepaper affects the transparency of the project and may discourage investment.