It is good to report any fraud projects or fraudulent exchanges, this help us to avoid projects and exchanges like this, but should include also the proof of this is a scam, this is a fair for the both side.
There are so many scams, we saw a lot of many reports and we should also learn from that. IEO is new but its also a good place for the scammers, this is why i dont participate on not listed coins. Have to be care or else lose money, thats the worst result if you invest without any care at all, be a good investors.