TL;DR summary though we all already know how this works

Step 1 - scammer dev sets up IPO for new coin, asks investors to send BTC and receive coins from IPO
Step 2 -scammer dev sends BTC to themselves and receives a share of the IPO coins
Step 3 - scammer dev sells IPO coins on exchange. aka PROFIT$$

the real question is why do so many people still fall for these scams???