Yes i have to admit that they are indeed carrying a level of risk in investing in them. But you can definitely decrease the risk by reading into the ICO and tracking their progress before you even put your money into them. Knowledge on this business really goes a long way and could even make and break your investments.
Risk is also in big coins like bitcoin and Ethereum, but it doesnt mean that we should quit cryptocurrency investment. if you search for good and quality projects you will find it there, but you must prepare yourself for any situation. If you find good project, you can earn lot of money in very short time but should analyze the project thoroughly to avoid scams.