More than 600 Cryptocurrencies Dead as Bitcoin Approaches 75% Retracement

To this effect, in theory one in three ICOs are now destined for failure - with 1602 active cryptocurrencies listed on CryptoSlate as of July 3rd 2018.

With 539 ICOs raising nearly $12 billion, the first six months of 2018 have more than doubled the entirety of 2017's $5.6 billion ICO contributions.

In the face of a feverous investment landscape, a number of high-profile establishments are appealing for prospective ICO investors to maintain vigilance.

In May, the Wall Street Journal reported 271 of 1450 ICOs reviewed as having "Red flags" - projects incorporating plagiarized material, guaranteed return on investment, or "Fraudulent tactics to lure investors".

While more these suspect offerings received more than $1 billion from investors, losses totalling $273 million have been reported to lawsuits and legal proceedings.

Smack bang in the middle of New York Blockchain Week, the Securities and Exchange Commission launched HoweyCoins - a bogus ICO site incorporating all of the classical "Flags".

Weeks before the decentralized cloud computing platform's ICO, the project ruffled feathers when one prospective contributor discovered parts of the DADI whitepaper had been copied from its closest competitor - SONM. Thrown in with an accusation of a false partnership with Nano, DADI nevertheless concluded a successful $29,000,000 raise on the 29th of January.

All questions of legitimacy aside, ICOs would appear to remain a wholly lucrative venture.

Should an individual have invested into every one of 2017's 435 ICOs - including failed projects - their net holdings would be up 1320%.

In an increasingly regulated ICO market, one might see the eradication of failed coins as a necessary culling - perhaps akin to the dotcom bubble.