The article gleefully ignores the positive side of these investments documented by the authors of the study:

>We find evidence of significant ICO underpricing, with average returns of 179% from the ICO price to the first day’s opening market price, over a holding period that averages just 16 days. Even after imputing returns of -100% to ICOs that don’t list their tokens within 60 days and adjusting for the returns of the asset class, the representative ICO investor earns 82%.

Not saying I want to participate in any ICOs, especially now that a lot of frothiness has gone out of the market, but this article is clickbait garbage if they can't even summarize some of the main points from the abstract.