ICO investments are very risky as they don't follow business trends at all, instead they can follow market manipulation from VC's, investment funds, and dodgy cartels! Large pools of tokens are held back by the team and never burned (XRP) which creates scammy token structures
well, if you talk about investment issues, of course ICO will be a big risk. I think investing in ICO is the same as investing elsewhere. well, almost all investments have risks, only ICO does have a greater risk at this time.