Yup crowdfunding has made investors lost a lot of money already, but funny enough the media and press don't cover the losses, and only promotes the crowdfunding platforms - this as we all know, is possibly because crowdfunding platforms are paying media/press to write positively about them, and money is what media/press care about. They don't want to lose a client and an income stream. ICO is also not all good, but you can have more control trading your shares off on exchanges and exit as you wish, even with a loss. For crowdfunding, guess what, you can't even get out or sell off your shares in private companies.

So overall I believe traditional crowdfunding is too over sold, and it's a lot more dangerous than ICOs.