How do you know this is not a fraud? The process is very obscure. No headquarters. No team. (At least not at the site). No proof of developed platform. The founder says they don't use Bitshares platform but partner with them ... for what reason. An as you mention $1 billion is way too much. And there is no (verifiable) info how much they collected so far.
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It could well turn out to be a fraud. But I don't think it will. The more likely risk in my opinion is the risk that all of the planning done to put this together falls apart when government approval of the venture fails to materialize as anticipated.