For me, I think the fault of the investor is they are expecting too much profit in investing in ICO's and IEO's to the point that their expectation is very high already. I know how tokensale works already. They will launch a token sale mostly on reputable exchanges and then after the sale and the time comes that it will be listed, the team and the investors will dump the coin causing it to plummet and then they will buy it again to pump a bit. This happens all the time with coins after listing on an exchange.
It's fortunate if they'll buy it again since in most cases, it doesn't happen. It's really difficult to judge what will happen next to every project since the fundamental analysis doesn't work as always. This is why choosing which to invest in is the most difficult decision does an investor can do. An incestor really need to look for every possible thing to happen.
