There are many factors that cause ICO to fail. Such as ICO and ICO fraud did not reach Soft Cap sales. This will cause many people to suffer losses because they will not receive any compensation. But for investor money must be returned. But if they are criminals, of course, your money will be lost.
I see the things you say are not wrong, but I want to add an important thing that most ICOs are scams. And I find that failure is sooner or later just because time, ICO has many good ICO but it is not enough
