Some projects are scams. But most of the projects are not scammed they are just failed to reach their end product? final target. Because of these reasons token price dumps.
that's wrong. Failed means scam and they can't deliver what they have promised before. ICO is not a trial error and then developers gone with all of money. If they failed to achieve it and at least they must be transparent with what happened with the funds. As far as I know that if almost all of scam or failed projects were not so transparent to the investors.
that makes the investors being scammed because they know this is not a trial and error game.