Unfortunately it is. Projects that even collected the required amount of cryptocurrency are forced to keep it and wait for the market to turn
But they could immediately exchange crypto for regular money. In this case, they will have the means for development. Given that many projects are suspended, they did not.
Instantly, only those teams that have closed the collection of investments could exchange cryptocurrency for fiat. Who just started to sell their tokens, did not change anything, because little money was still collected.
If listing will start before close the ICO the price on the exchanges may be less then the price of the token sale. That is why projets start listing only after the end of the token sale.