I strongly question the methodology of this study.

There are currently 150 coins listed on CoinMarketCap with a market cap of $50M or more (including all historical cryptos like Bitcoin and Litecoin, therefore many cryptos that never did any ICO). Yet you found more than 100 coins with a $50M which vanished and were just scams? What are they? Please provide the list of these projects.

Or are you mixing Market caps and the funds raised? Strange, because the sites you indicate as your sources don’t show much data. ICOData lists only 4 coins which raised more than $25m, and only 2 with more than $50M ICO (EOS and Nexo). And the statistics on ICOrating show only 20 projects with funding of more than $50m.

Without the raw data, this study is quite irrelevant.

Another thing: not all project are OpenSource and a project without any GitHub activity is not necessarily a scam…

As an ICO investor for more than 2 years, having invested in 25+ projects, my personal experience shows me that no more than 10% of ICO are scams. Very hard to believe that, especially in the biggest ones, this figure is 81%.

To conclude, I’m not sure if you fully realize the harm you’re doing to the whole industry by publishing a “study” that appears to be so amateur. No precise timeframe, no raw data, just a vague mention “Our data is approximate”, while knowing very well that these “results” will create an instant buzz, and be taken as stone-engraved truth: “most ICO are scams”. Irresponsible, at best.