I've noticed many ICOs have to spend a lot of money on promotions and advertising.
For example, let's say an ICO raises 10 million dollars but has to spend 9 million on promotion.
Therefore, they only really raised 1 million for the project.
Isn't this unethical?
I think it is fine, as long as the project and their token (if they have any) should have a use case. Probably they are spending a lot on their investment to hook up more investors. But if they have no other plan but only to advertise, this is not the right thing to do.