We have a very clear definition of what a scam is - it is an event (company) aimed at misleading someone (investors) in order to obtain an undue advantage.
A project can become a scam along the path of its development, for example, if I saw that there is no development, but there's investor cash - why don't you keep quietly to yourself? Or initially, when the project doesn't plan any development and the task is to depict vigorous activity shoving investor's cash in the pockets.
The company may have ALL documents. And even some licenses, IDK. But if we consider that the project is a scam (the definition is above), then we try to prove our point of view reasonably.
If the audience, for some reasons, listens to ANONYMOUS worthless, coward bloggers no one cares about but not to the GREAT luminaries of the business that lead them to the future and millions of bucks then it's probably worth making some conclusions.