I think there's a big difference between an ICO scam that was a scam from the very beginning and an ICO that just failed due to market conditions. In other words, was there intent from the very beginning to defraud investors and walk away with the cash?

I'll use a restaurant analogy -- in New York City, restaurants open and close with stunning regularity. Some big, hyped restaurants with investors backing them end up folding within a few months -- but that doesn't mean they were a scam. It just means that the people running them were great chefs, but terrible at business. It happens. I think that's what makes it so hard to spot a scam -- they're not so obvious and may have just resulted from people getting in deeper than they ever expected. Anyway, that's my opinion.