Giza, which said it was developing a secure storage device for cryptocurrencies, raised $2.4 million from more than 1,000 investors in its initial coin offering. But according to this report, the ICO appears to have been a scam. More than $2 million, along with the company’s leadership, has allegedly disappeared. An elaborate network of social media sites, employees, suppliers, and legal advisors was involved to make this ICO seem legitimate. It’s a sign that bad actors are upping their game when it comes to ICO scams, and that regulators may need to step in sooner, rather than later, when it comes to oversight of ICOs.