because there is no binding responsibility, investors are still looking for any collateral and this is still subjective like buying a cat in a sack. If the ICO promotion is clearly regulated and not all of them can qualify, it won't be too chaotic now. The emergence of a too messy ICO can make many fraudsters infiltrate because there are no specific standards and it seems that it is still too easy to make.
I think that's the reason why ICO are banned on social media networks like Facebook and google.Plus the biggest point is many ico come with fake projects they're full scammed ICO who want people's money.
if we talking about fake ico, it just from people who have not responsibility to other people.they tried to take advantages from investor, and it could make trusted developers generalize with their action.
much people take advantages from cryptocurrency booming.they want to earn money without any work.just make fake ico or maybe steal other people asset from wallet.so today many people afraid investing in crypto market.