Researchers from Boston School of management Wallace E. Carroll published a report on industry projects for the initial placement of tokens, according to CCN.

The average ICO investor gets high returns despite the large number of fraudulent schemes in this area, the researchers note. They published a report showing that users who invested in projects for the initial placement of the coins, on average, receive 82% of the profits.

In the 54-page report, “Digital tulips? Investors profit from IPOs coins” were analyzed 4 003 ICO, which took place from January 2017 and in total raised $12 billion. Experts have traced the courses of tokens in different periods of time.

According to the study, the average price of the coins in the period between the end of ICO and the first day of listing on a crypto currency exchange, which was about two weeks rose to 179%. Even given the fact that investors lose money if the bitcoin goes to the marketplace within 60 days after completion of licensee, the investor still receives about 82% of the profits.

Users who purchased the coins after their exit on a stock exchange, also received a high income. Those who had tokens for a long time, have earned 140 percent in the three months to 1 880% for the year. Investors who kept the cryptocurrency 180 days on average recorded 430% profit.

According to Hugo Benedetti, one of the authors of the study, he was “very surprised” takimi results, especially given how often media reports of fraud in this area. However, he refused to draw long-term conclusions about what this means for the future development of the industry.

“This is a difficult question, because nothing can guarantee that this market will continue to attract capital as efficiently as before. But if you look retrospectively, even despite the large number of lagging ICO, traded on the stock exchange below the emission rate, the average profit in the industry was big enough”, he said.