Even though this is interesting and important to know, I don't think it invalidates the whole BABB project. And my reasons are this;
Even though he changed his name, the website getbabb.com provides direct links to the LinkedIn pages of the team, including the CEO. And it is clearly stated there that he changed his name. It doesn't take more than a few clicks to find that out. It's not like they're trying to hide it. He is most likely a beginning entrepreneur with ambitions that did not succeed, but have evolved into what is now BABB.
The credentials of the CTO are top notch. Someone with these credentials is not likely to damage his name for some sort of scam.
BABB is one of the ICOs that has been extremely engaged with the community. They are constantly giving updates, they released a survey asking the community what the most important features are, they release regular videos of their work behind the scenes and even have live streams.
The fact that it's a UK registered company alone is quite important regarding their credibility. If it was a scam, why would they be registered?
Lastly, all investments involve risk. The key is to figure out which risks are worth it and which are not. For me personally, the facts that have been presented, although interesting and important, are not enough of a deal breaker.