False.
I think you are overestimating the influence bounty hunters have.
First off, take a look at the percentage allocated to bounty hunters.
In a typical ICO, it is only like 1% to 2% of the coins available.
Some ICOs will go as high as 5%, but that is still a tiny fraction of the overall supply.
It just isn't enough to totally crash a project even if every bounty hunter completely dumps their coin.
(and not all bounty hunters do).

The biggest factor in an ICO getting killed is one that people seem to overlook:
It was a crappy business to begin with.
People like to blame bounty hunters, market situations, scammy practices when really, the business had no hope to begin with because it was just a bad startup.