This is true but also there were a lot of noobs just throwing themselves into the mix when the last bullrun was in effect which made it a huge target for fraudsters. i think now since the market sentiment is stronger than ever people have had time to evolve smarter from the bear market and i personally still see ICOs/ tokensales being effective, obviously IEOs are taking over now but there are still some solid projects doing ICO's plus IEOS due to huge demand id say. Just like Tokoin.io, this has been in huge demand and of my favorite projects aiding MSMEs to achieve optimized business ventures through data leveraging- such a great idea with minimal competitors,  great market (huge), partnerships and great timing.