Maybe you can add another stage of an ICO, but not every ICO has it, even if the number is increasing these days...
In addition it's often not visible at the beginning if an ICO has this last step.
All the different stages can sometimes be confusing to investors, or anyone connected to the ICO, so let's walk through the stages of an ICO.
An ICO is usually divided into three parts;
1) Private sale
2) Pre sale
3) Public sale
4) Exit scam- Exit scam: the last step of some ICOs is indeed the
exit scam. This means the ICO owners are taking the raised money and vanish forever. The project will not be completed because this was never planned. The investors have lost all their money and the ICO owners are now rich. But on the onther side they have to hide now because they are criminals and being searched for stealing money.
To avoid investing in SCAM ICOs it's important to review every ICO in a very detailed way - or to stay away from ICOs. The money you haven't spent, you can't lose.
Exit scam is one of the more important stages, fun to see how devs run with the money from the first 3 stages, is important because 90% from icos have that 4th stage, and yeah, they end like criminals and hide from law is the only way to enjoy that money because stealing still a crime in any country.
To know the coin/token sale stages isn't a reason to avoid getting scammed, doesn't matter at what stage you buy if at end all will gone.