I do not think this project had a successful ICO so they want to use other means to get the money they intended for which is highly impossible unless they get listed for an IEO in a reputable exchange. It is a pity to see this project going to die just because there is no funds in devs' wallet to continue with the work.
They have raised 1.6 million dollar and as far as I know there will be no IEO. It seems that they themselves know that it's impossible to raise more money. Based on what I read in their Telegram group they are trying to be listed in exchanges.
I generally agree with you about what is going on with project. Nothing about development of the project has been announced. Lack of development will cause a big dump in price of tokens immediately after listing on an exchange. But I think it's early to talk about death of the project.
By the way, they should have enough funds at least for some developments. The 1.6 million dollar that they have raised is more than the soft cap. The problem is something else.