ICOs are definitely something to not take lightly. I knew when they started popping out from everywhere that a lot of people were going to loose their money. Back in 2014 I mined a lot of useless coins before I realized there was no point in it. I never invested any money luckily, given that 90% of the coins back then are dead by now. And only a few remain somewhere to be noticed. The faith will probably be worse for ICOs given that most of them don't have any reason to exists, not even that of someone mining them for profit.
With $233 million involved it gives a new meaning to the term "altcoin millionaire" (I know the term is usually "Bitcoin Millionaire" but you Know what I mean).
I hope that most failures are down to incompetence rather than outright scamming and theft but I fear not.