“…The advent of more sophisticated blockchains such as Ethereum and EOS has enabled a much wider range of applications, including insurance contracts, voting schemes, and contingent investment products. ICOs are a fundraising mechanism in which a new token is sold to investors and prospective returns, see Benedetti and Kostovetsky (2018), Chanson et al (2018), Dittmar and Wu (2018), Drobetz et al (2018), Hu et al (2018), Lu (2018), Momtaz (2018a), Stastny (2018), Yuryev (2018), and Stanley (2019). On the amount raised, including failure to meet a set target, see Adhami et al (2018), , Ante et al (2018), Blaseg (2018), Burns and Moro (2018), Davydiuk et al (2018), Feng et al (2018), Fenu et al (2018), Fisch (2018), , Momtaz (2018b), Momtaz (2018c), Rhue (2018b), Albrecht et al (2019), Ante and Fiedler (2019), Cai and Gomaa (2019), Cerchiello et al (2019), Chen (2019), Johnson and Yi (2019), Masiak et al (2019), Philippi et al (2019), and Wu et al (2019).…”