Wow yeah thats crazy, it's not so simple.

Funny thing i came across - this guy's got the right idea:

"On the other end of the spectrum, there are ICOs like Useless coin which started as a joke by someone who goes by “UET CEO” and was sold as transparently offering investors “no value, no security, and no product. Just me, spending your money.” It should have just been a satirical comment on the precarious nature of ICOs, but it still got some investors and currently has a market cap of about $64,000."

https://gizmodo.com/what-are-icos-and-why-are-they-getting-banned-in-china-1800922340