Fraud / SCAM
This risk is the number one that Investors should be aware of, where many developers aim to "cheat" or scamming against their investors, by offering an unreasonable Whitepaper. That is, the Whitepaper that contains all the details about the ICO is too grandiose and implausible. For example, the project is said to be too perfect without the slightest flaw, or the payback time is very short, and also the share of shares / Tokens that are too large.
If there are several parties that have too many Coins, of course he will be able to monopolize the value of an ICO token, making it too risky for retail investors.