Before cryptocurrency really started to take off, ICOs first saw daylight in 2013 when Mastercoin sought to raise money for its project. Ethereum also held its own ICO the following year, raising around $2.3 million in less than a day.
The substantial injection of funds ICOs were receiving led to expanded interest in the activity, as well as expanded fraud.
There have been a great number of pump-and-dump schemes, as well as plenty of other scams, from ICOs that were never intended to legitimately fund projects. As awareness and regulations have grown, though, crypto enthusiasts have become more savvy and aren’t as easily victimized by the ICO fraudsters.
As the Bitcoin ecosystem evolves, frauds and scams will become even less of an issue, and fiat will continue to see the same high levels it has since it was first invented. coingeek.com