The problem is I can't see any progress on their exchange losting despite their successful fund raising. Is it a scam?
You do not expect magic to just bring the project overnight after raising the fund, they have to use the fund they collect to develop the project fully, then do more promotional adverts that will attract more investors and users of their product before you can start seeing Such performance on their value on exchange, so you still have to give them time.
They are real long term investment projects and not Ponzi projects. Provided they are still updating their users and investors from constantly, just give them time to work, you will surely see their performance with time.