This is a form of ICO awareness accelerationism. I'm very cynical about ICO's, so this may be brash, but I automatically consider every ICO to be a scam outright – if they were all this obvious the world would be a much better place, because people would finally stop participating in these ponzi-esque schemes.

What this guy's done, if it's true, is no worse than any other ICO who instead uses their funds to buy a house in the bay area and lease an SF office for a couple years and play ping pong until the cash runs out.