Investing in the ICO market is a risky proposition due to questionable valuations, hacking and regulatory crackdowns that can render token prices extremely volatile, according to a comprehensive study by the  consulting firm EY.

Analysts at EY came to that conclusion after analysing 372 ICO projects that raised billions of dollars globally. Initial coin offerings are a fundraising mechanism using cryptocoins, which ballooned in popularity in 2017, drawing scrutiny from regulators the Securities and Exchange Commission.