I invested in one pre-ICO back in November (Heardbeats), I liked the concept and it seemed like a promising project at the time. Unfortunately they folded recently as they couldn't get the partnerships they needed to move the project forward. On the upside, they did return the original investment, albeit at the current dollar value, so lost almost 50%. However, I did respect their honesty and commitment to returning as much as possible to the early investors.

Another project I invested in also folded a couple of months back, and I received an email from them saying they were going to return the investment. Still waiting for that one.

Anyone else have any experience with refunds (or not)?