Selling a large slice of the tokens to a small group of specific investors, such that they obtain a much larger price when these are listed. Because they were in so few holders from day0, and the 'auction' closed so quickly, price discovery entirely up to small group of 'investors'. Its birthing shark whales to steal from the little people.

This was back before the real real ICO scams, so it looks pure in comparison. 2017, what a year!