if ico continues to provide a lot of massive fraud and project forgery, it might be replaced with iOo completely because investors prefer to reduce risk
This is happening so far, but in ICO not all projects are fraudulent, but it is safer to participate in IEO so far
well risk of ICO right now is really high while you can consider IEO now with medium risk and STO with lower risk. ICO is just a start up you are just investing with their idea and it not sure if the token will be on exchange while IEO is token sale that will happen on exchange but still 50-50 if will be listed while STO is a token thay supported by company or a team with working product. thats why in my opinion STO is just safer because it already have demand that what new coin or token really need.