In my opinion, the vast majority of ICOs that suffer large falls as soon as they are listed in exchanges tend to blame the bounty hunters as a smokescreen to carry out their dishonest acts, dump their coins and leave with their pockets full of money.

Otherwise it seems irrational to believe that the understandable tendency of many bounty hunters to sell their tokens as soon as possible is what drives the price of these tokens to the floor, causing them to lose in many cases up to 95% of their ICO price.