When ICO's pull in their ten's of millions, where do they go to cash out?
Most of the funds generated from an ICO will be re invested into further developing the project. The information regarding the split of the token sales is often found on the whitepaper of a project. When you invest in ICO's you dont pay in Fiat, you send crypto, often Eth. If the owners wanted to cash this out, they would use an exchange such as coinbase, like you and I.