If it is on this list Acardex is a fraud, updated list of related scam projects chances are high that it is a scam.
Taking a bit longer to deliver and incurring heavy losses in token price are not sure signs of a scam per se. But even if something is not a scam, it may happen that it never recovers from initial losses.
A lot of legitimate native tokens are underwater at the moment even if you only look at the exchange rate to ADA. If you look at the exchange rate to EUR or USD, it is, of course, even worse.