Fake project is really frustrating if you're one of the victim especially for investors and bounty hunters.
I had read an interesting way to make sure the project is real. You can identify the project is fake by it's address of the company who is running IEO/ICO. Fake project would be indentify with this way because they put fake location. You can check it with google maps to verify if it's real.
So how do you indentify if the project is fake?
Every time I joined in a project I always check the background of the bounty manager, I always search the project if its listed in ICO bench, I always check the community mostly it will find it in telegram group. I check the background of the team if one of them is involve in a scam project before there's a chance that the project is scam lastly if there's no White paper it means the project is scam. Well that's my opinion because I got scammed 3 times way back 2017 but lesson learned.