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.
Jinbi was a very organized scam project. It was one of those projects you could hardly believe it will be a scam. Although the token sales was launched during the period when the investors are not that putting a lot of money in ICO but I am very sure Jinbi would have raised a good amount of money. Goldtex was another organized scam which even led to a dispute among the team members. I also had numerous experience with many of the least expected scam project. The Denaro project saga is still very fresh in my memory. I witnessed a pensioneer that lamented of being scammed of her gratuity that she invested in Denaro project