we cannot say that all ICOs failed, many ICO projects were successful, and bounty hunters were also involved, ico's failure was not by bounty hunters, the failure of an ICO was caused by a management team that was unable to see opportunities and problems in ico, like they don't predict when it's time to register on the exchange, usually the bounty project is late for listing, they wait for stability so they lose the opportunity to fight to increase prices, and they don't dare to spend the budget to be listed in exchange which is really good.