It could be that the team sells ethereum to itself with their own bitcoin. The transaction shows up on the blockchain but nothing happened. They both owned the ethereum and bitcoin before and after the transaction exactly the same.
They've posted terms of sale promising not to do that. It's possible that they're committing fraud by taking money under false pretenses, but I'm guessing not. They're well-known people with good reputations and a team of lawyers advising them.
Oh for sure, I'm not investing in them because as a developer I'm not looking for ethers, especially not at such a price level when developers ought to be able to develop on a testnet for free. My decision has nothing to do with the extent I trust them to be honest, there's absolutely no indication that they're dishonest.
I just wanted to say that the fact something is on the blockchain is meaningless in and of itself because at near zero-cost you can create trades with yourself. That doesn't mean I'm saying they do this or implying it. Again, no reason for me to suspect it, just arguing the point it's possible.
It could be that the team sells ethereum to itself with their own bitcoin. The transaction shows up on the blockchain but nothing happened. They both owned the ethereum and bitcoin before and after the transaction exactly the same.