ICOs have evolved from what they used to be. A recent Bloomberg article highlighted the new (down) trend, reporting that ICOs raised $300 million in August 2018. This is the lowest level of funding seen in the past 16 months, a mere one-tenth of the average monthly funding volume ($3 billion) in the first quarter of 2018.
So what happened to the ICO market? It turns out that hundreds of ICOs in 2017 showed clear signs of fraud, with an estimated $1 billion of the $6 billion raised globally going into highly questionable deals.