The ability to raise vast sums of money in only a few months with nothing more than a whitepaper and some advertising naturally gave rise to bad actors looking to cash in. Numerous ICOs began to spring up with fake teams, fake projects, and projects that were questionable at best. Once the projects had collected the money, the teams would vanish. There have been a number of arrests, but there are still plenty of scammers and frauds who have so far escaped with investor money.