Because it's a bear market? Think, of it like this way, one ICO raised funds, they raised 10000 ETH, when it was worth 1000 they had 10M$ but now it's worth 100$ ea and now they only have 1M$ I think they are waiting mooning. They can go bankrupt, when going out. I think this is the problem for some ICO's. 1M $ is just not enough to enlist xD  Well what do I know? I think it's enough to enlist, but the problem is, when they enlist, they can go only down to 0 of the value.