Actually, to be frank about it, there is really nothing to be really afraid of in ICOs. Risks are everywhere.
The existing ICO issued tokens are headed to zero because they will banned every where:
ICO's wont end, it will only be regulated, and that is not a bad thing for cryptocurrencies, regulation will help prevent scam ico's take the investors money, since ico is necessary for a projects success regulation will also be a factor for its good development especially in legal terms.
There is a huge downside coming though: