People love to brag when they make money from ICOs but we rarely see how many people lose money. A lot of ICOs are rorts based on the price release structure. Eg, pre ICO price if 60% of the launch price.
Normally it will be the developers who unload a sizable share of their holdings at launch to cover their bases and if things don't go as planned in the first few months for them, they focus their attention to a new project and new ICO. Due to the poor communication and lack of regulation, though, the rest of the market don't see this for several months after when the development really lags and the market catches on.
It would be great to see how many failed projects the team have been involved in before buying into an ICO because the reality is they will keep rolling through projects until they hit that one big world changer.