Crypto winter continues with no end in sight, a result of the rampant speculation that drove the capital inflow of 2017 and the beginning of 2018 through ICOs. As time went on, the market realized that a lot of ICOs were bad investments, and so the market slowed. Prices fell.
Even taking out the scams, the bad actors, and the frauds that absconded with the money they raised, we were still left with entrepreneurs that, good business idea or no, often raised more money than they knew what to do with. $20M raised in an ICO without a working product? How many founders could turn that set up into success without falling into the pitfalls of overspending?