As far as I am aware, the project is not a scam. No money has been raised and there have not been any attempts at fundraising either.
I am not sure how strongly you believe projects isn't scam and not involved with money. Are not they selling their coin/token on exchange? So from where came this coin/token on exchange. Obviously from team, the of course fund is going to team as well. Since team members/co-founder involved with scam previously how we believe him that he will not scam or he will not skip after sell his token/coin.
For your info, if just listed on exchange doesn't prove legitimate of any project's. Coin/token might be drop or delisted any time when team will skip or inactive. So there is huge chances of scam in my opinion.
People buy and sell tokens on an exchange in anticipation of profit, people are free to do their research whether they believe an investment will generate profit or not.
Is IOTA a scam? It's currently -51% from its ICO price. What about Ontology? Also -50% from its ICO price.
The fact that Bitcoin Air has any value at all makes it worth infinitely more than zero. I could understand your concerns if people invested money into it, then it dumped on exchange, but simply trading on exchange is in no way an indication it is a scam, the logic you used is so flawed I can't even imagine why you'd say it.
Practically every single project with a token is listed on an exchange.
Total sell orders on Coinexchange.io are Total: 33495 XBA... A tiny fraction of the circulating supply. Or do you think that the co-founder only has 33,000 XBA and is trying to crash the market with $600 worth of coins?
Even if the founders decided to dump the entire supply on an exchange, it's a free market.
As I stated before, I find it highly unlikely the project is an overt scam, if it is then it's an absolute failure of a scam. The evidence provided in this thread is paper thin at best, could you imagine this taken to court? Since Jamal invested his money into this project, everything he touches must be a scam? Better hope he hasn't bought any Amazon shares or we're about to see one huge exit scam.