ICO investments are risky because we already know that there are many scam ICO that already stole millions of dollars from investors. Additionally, it's not only ICO scams that make ICO very risky investment, it's the fact that it can fail anytime if it can't reach its target capital.
this condition that make investors affraid to put their money into ico projects.so we often to see many ico did not reach their target and finally project failed.