Even noname projects was able to collect 15+ millions. mad times was in crypto
It must be checked again and if the team doesn't even publish the hot wallet and such amount can't be trusted. So many scam projects have raised nothing from the investors and they are creating a buzz with spread fake amount that already raised to gain popularity. Some people may still lack knowledge about that but we can't sure if that will happen for sure.
I have experienced to identify some projects that faked its total raised amount. Just try to tell you about jinbi, parq and many more.
Yes, we don't know the truth about their funds collected. I believe most of them are bluffing to attract investors to send money to their platform. But really hard to run after these scammers as they may have no legal documents submitted to appropriate authorities.