It's actually not that risky if you do lots of research. Its risky for the idiots that throw money at anything that is hyped up with lots of advertising.
It is risky at all, its not because they are "idiots" or so what but because its the ICO to decide when they are going to scam. Money shines to those who are not true to their doings. ICO investments are really risky since it is just an offering, meaning there are no assurance but a plan to do a project. Even old trader and investor got scammed too.