Yeah. Similarly what was Tezos? It may be legit or not but how can people invest into an ICO with no cap & in a company full of strangers with no name credibility? Then it hits the news as the biggest ICO ever, obviously if there isn't any cap people will keep pouring in. That's fishy and shows they don't have any concrete plans neither there is any accounting/budgeting team which could calculate the cost as they progress into different cycles of their project. It's like Husband and Wife opening a donation shop for their own team. I would be happy if I am wrong but time would prove that.
Yes, immense research is required before putting your hard earned money. Everyone should be made aware of that there is nothing called as "Get rich quick" thing. You have to be smart and invest wisely.