In some cases where a token price crashes soon after listing on the Exchange, the blames has over time been attributed to the bounty hunters and sometimes to early investors that received certain bonuses.
Do you think 40% bonus for early investors is too much and capable of crashing token price?
Definitely it's enough to make this happen. Understand how it works: you bought token for 2 USD on ICO and some guys (many people) bought it for 1 USD. Exchange starting price is 2 USD for example. You won't sell it, right? And they will! They already have some nice profit, why should they wait?
projects that offer discounts of up to 40-50% are very unhealthy, they all end up with dumps when listing on the exchange, I have seen these projects and I will not invest if there are projects offering large discounts