Raising a lot of funds, so what? It can be faked. Even if it's invested by well-known VCs, so what? It can be faked (like borrowing a name), or the principal can be refunded, or even VC involvement can be faked and everyone can just cut losses together. Whether the people involved ultimately make money depends mostly on the boss's vision. But now, with the market not doing well, the boss might also be pretending, only revealing their true face at TGE.