More than $1 billion has been lost through at least 1,000 dead coins and tokens offered through initial coin offerings in 2017, according to an analysis of two leading sites.

The numbers come from Coinopsy and DeadCoins, two sites that track so-called “dead” cryptocurrency. By “dead,” the sites mean failed or failing cryptocurrency projects, the latter those lacking any development or trading activity.

Of the cryptocurrencies considered dead, the most common reasons according to CCN include exits scams, website closure, abandoned code, deliberate pump-and-dump schemes, malfunctioning wallets and, in one case, the death of project developers.

“There has obviously been significant fraud and hype in the ICO market,” Bloomberg analyst Aaron Brown is quoted as saying. “I have seen 80 percent of ICOs were frauds, and 10 percent lacked substance and failed shortly after raising money. Most of the remaining 10 percent will probably fail as well.”

Although the number lost is staggering in size, worse times may be ahead. ICOs are believed to have raised $13.7 billion in the first six months of 2018. The Express reported that ICO advisory and analysis firm Satis Group claims believes that more than  80 percent of ICOs with a $50 million market cap and above are scams.

With many ICOs falling by the wayside, some are predicting that the market is set for massive consolidation. The Express sent as far as suggesting that bitcoin, Ethereum and Ripple XRP could be the last cryptocurrencies standing.

The news comes after bitcoin, off the back of eight-month lows, started the second half of the year with a bang. Bitcoin was trading at $6,623.67 as of 11:15 p.m. EDT following a 12 percent rally on Monday. CNBC noted that the entire cryptocurrency market has struggled to find its footing in 2018, with a 57 percent drop in total value this year.

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