BitMEX Research, the research arm of cryptocurrency exchange BitMEX, published a piece in collaboration with TokenAnalyst which analyzed the token allocations of over 100 ICO teams. According to the analysis, ICO teams initially allocated $24B worth of their native tokens to themselves. At peak valuation, these token allocations were valued at over $80B. However, BitMEX Research notes that "in reality, liquidity was too low for this value to be realized." Furthermore, due to the tokens' precipitous drop in market value, these allocations are currently worth $5B.
In conclusion, BitMEX Research estimates that ICO teams have profited nearly $13B from their ICO process "with very little work, accountability or transparency," adding that while ICOs have proven to be "extremely attractive" for project founders, the results for investors "have not been as attractive."