The main idea of crowdfunding is for investors to pull their monies together to support the launching of a project. Unfortunately people join ICOs as traders not investors so the moment the coin is being listed, they quickly dump them without even waiting for the project to launch any of their products, destroying the price of the coin. Now these same people will come and create a thread here that ICOs are dead. In fact crypto is not dead, we are actually killing it.
Is your main idea to support the project or just to make profit from the bonuses and go your way?
I don't know who did it first but those devs and the investors are most likely to dump their tokens first and i think the ones who complain about it was the bounty hunters. Which the devs tend to delay their tokens for a couple of weeks or months because they want to launch their projects or whatsoever their other reason. And of course, if you were the bounty hunters when you see the market is almost out you will feel that FOMO and you have to dump it too.
So, i don't know who's the one killing it but i think IMO both of them are killing it because they were too greedy to make money.