I experienced a lot of risk involved in ICO's. Statistics say that in 2017, about 50% of all ICO's failed to reach the softcap.
The 4 ICO's i invested in in late 2017 are all under ICO price now although i would say these were legit (and somehow hyped) projects (SilentNotary, Bitclave, Crypterium, Jibrel Network).
I will probably not invest in an ICO anymore except i am super sure it will be hyped af.