Not all ICO'S are sCam but many are scam. No lies in what you said and the clues in investing you gave is perfect. Reasons why many people fall for scam projects is not researching well about the project. There are some ICo's that glaringly spells scam and even without researching much one would know but people still fall for it. Still yet, involving in ICo's is a risk. We just have to take it, no risk no reward