One interesting aspect of ICO's is that the owners don't necessarily need to build a business. It's far less work to skim the money and say the business failed. And until anyone goes to jail for doing that, it remains a lucrative opportunity.

Raising $120M in an ICO isn't the same as raising $120M from a VC. In the latter case, you get nothing if the business fails.

The big question is, why are people dumping so much more money into ICOs than into Kickstarter projects? Why does an ICO seem so much more legit? It's mostly the same thing. Yet ICOs are somehow raising 10x more than the most-funded Kickstarters without breaking a sweat.