Even now, projects are able to raise such funds, in my opinion, people have become more cautious to invest, so they are waiting for serious projects!
Well, that is usually always the thing that gets to happen in the long run as the market keeps getting more matured. We get to see people tending to realize what they should be doing and what they should not be doing, and then as a result of that, the whole hype tend to die down gradually and people start getting wise.
Nonetheless, we also have to understand that not everybody will as some are always gullible enough to stay in their own world of ignorance than learning on how to always do things right, so in a way there will always be the greedy gullible ones.