Yes, there are a LOT of fraudulent ICO's and shit coins out there. But government IS NOT THE ANSWER, never was and never will be. People need to educate themselves and use caution. I ran into a fraudulent ICO, but the white paper was a joke. Also, the bios of the "team" were shitty, even though they looked good. They even made fake websites with official looking websites and the whole bit. But for anyone who knows anything about crypto and gold, it was pure shit. Also, if someone doesn't have a running business and they are promising ridiculous stuff, RUN. I almost never invest in an ICO because of this. And shit coins you can usually tell a mile away. I don't care about the price charts and other stuff. If it looks like a pile of crap, STAY AWAY.