That is indeed wild. Did you confirm it's 24 month term?
That’s a typical term for domain payment plans. Look it doesn’t matter what the payment terms are: a $1MM domain name is absolutely apeshit for just about any company, never mind a company with no product, no revenue, no traction, etc etc
24 months is more than enough to pump their grift, recoup their investment, and have some extra left over to do it again later.