You mentioned two important things: 1. You thought that the security for investors now is guarenteed, I don't know which things led to such conclusions. Even when authorities have good requirements on ICO, IEO, exchanges, the risks for investors only existed, because there are always loop holes and they will be found and abused by bad guys. 2. Weak exchanges: I guess you meant young, small, unreliable exchanges (because they are young). For them, yes I agreed with you that they can make scam exits whenever they want, with IEOs Or without IEOs for their exchanges' fundings. For two reasons, I think IEOs are risky as same as ICOs, or even higher. Higher because if investors invest in IEO of a specific exchange, they might also store their money or trade on the exchange. So, they might lose more money (from their investment in IEO, from their money stored on that exchange).