Strangest is how some of these ICO's that managed 100m+ are already going bankrupt by now. How do you spend 100m in a year (not counting the price decrease)
I've witnessed this too. I have met guys at these events that have spent 5-10 million just traveling and attending these things.
Yes if they bring the entire team (dozens of people) or live a luxurious life while traveling. The problem is maybe they don't calculate the budget and use it effectively, they just use it because they have the money.
Sure they used a lot on luxury but when the crypto price decreased and money stopped flowing in in such a high quantities as in 2017, they probably were left with dozens of employees and even more external contractors to pay. Most of them were not prepared on this scenario and we see the results now.