Hm...
Now that is a first (that i'm aware of) - project cancelled, with an apology and explanation of underestimation.
Dear Backers,
First of all we want to apologise for our lack of communication with you. We are sorry for taking your time. From your comments and advices on Kickstarter, we have realized that we have to work on a lot of issues that we haven’t addressed in our projects and updates. We made a lot of mistakes. Among our mistakes are 1.Miscalculation of the Impossible’s price (Carbon fiber, Motor, Charger and the other smaller parts are more expensive than the prices we offered in our Kickstarter campaign to be more exact three times more expensive) 2.Mistakes in currency convergence from CAD to USD as we made our negotiations with factories in USD not in CAD, 3.Shipment prices, and the biggest one we didn’t calculate the money that 4.Kickstarter will have to take from the funding. As you see from the list of our mistakes we are not businessmen we are inventors and we were very excited to share our invention wit the world even when we realized our mistakes we still wanted to continue and deliver our product to everyone who backed us. But the other reality is that we needed money to make all those changes happen and the truth is we didn’t have it and that’s why we asked help from you Backers. I am really sorry to announce that we will have to cancel our project and come back later so we can have a better prototype, different available models, better pricing, more pictures and videos more transparency, and most important a Better communication with you backers. Thank you for your trust and patients. We are coming back to Kickstarter on April 2015 or even earlier.
So, odds are that they were in fact honest but clueless, and not intentionally scamming anyone (or that's what they want us to think).
Regrettable, since that was a good concept, but also good, since no one is going to lose tons of money on a doomed project.