I have a habit of looking "further upstream" so I'm saying the ICO, or the question of fraud, isn't the issue. The issue is that you're not profitable. Or not

I have a habit of looking "further upstream" so I'm saying the ICO, or the question of fraud, isn't the issue. The issue is that you're not profitable. Or not sufficiently profitable. A company whose need for money far outstrips its ability to generate money -- that's the company that will be asking "How can we get some money?" and looking for ideas. Maybe it will choose an ICO as the answer, maybe not. A profitable company, one that generates money, never has to ask, because everybody already knows the answer is always "Keep running our profitable business." In other words, if "Do an ICO!" is the answer to "How can we make some money?" the only ones asking the question in the first place are people who don't already know how to make money. Make your exit, for that reason alone. You don't even need to consider fraud questions.