Looking at the altcoins markets lately, the price within short time from listing on an exchange falls drastically below the ICO prices leaving the investors at loss for over a long period of time. Some ICO projects find it extremely difficult to recuperate from such loss of value.
Some project now take a caution which is believed to help the investors makes some earnings before the dumpers spoil the market. They now lock down the bounty and airdrop earnings for some period of time. This is aimed at stabilizing the market for such token before the activities of dumpers which are believed to be mainly the bounty and airdrop hunters.
I think that is the wisest decission that the team project could take.
If they list now, they will lost all the investors and blame them for the investor's lost.
So, we just have to wait until the market recover and even it won't, that's already our risk to invest in ICO