Many ICO have scam never listed their coins on market and some of ICO have lower price than ICO its why I have lower trusted with ICO project, today we get many ICO never have higher price after listing in exchange market.
As a result of this, people now no longer believe in the existence of ico that is profitable and adds a negative stigma to the ico projeck. even though there are indeed a number of successful projects but the percentage is indeed quite small
I think this is also interesting from the founders some time ago who made a lot of scams so many investors have been disappointed with the new ico.