Not surprising to me at all. $374k is nothing considering $3.5 billion has been raised by ICOs in 2017 alone. People need to be more careful. There have been so many fake, manufactured ICOs it makes me sad for the people falling for them...
This was bound to happen, sadly won't be the last. I hope he does right and return peoples investments but looks like he's trying to disappear with the cash.
This sort of thing happened frequently with bitcoin mining computer providers, where it was customary to pay months in advance for mining equipment. Many such operations folded up and disappeared with customer pre payments.