For all the negative press and warnings from various regulatory authorities, initial coin offerings (ICOs) are still a meaningful way for many companies to raise capital.

According to a recent report by Fabric Ventures called “The State of the Token Market,” released last week, a total of $5.6 billion was raised by decentralized projects (or token sales) through ICOs in 2017.

However, the report shows that not all ICOs in 2017 were successful — not even close. For instance, the report lists that of the 913 token sales, only 435 were successful – that’s less than half, or 48%.

In fact, of the total $5.6 billion raised through ICOs, the top 10 largest sales accounted for about 25% of this volume, or close to $1.4 billion.

Of these top 10 companies, the report found that blockchain companies were the most popular sector, followed payments, and then other finance-related areas.

Check out the graph below of the top five. Of these five, four are blockchain infrastructure companies. Click here for the entire list and the rest of the report.

One of the reasons investors choose to take part in ICOs is because the returns can be higher than traditional investing methods. For instance, according to the report, all ICOs combined reaped an average return about 13 times the original investment in dollars.

But raising funds through ICOs is still a big risk as the field is prone to security risks, scams, and money laundering. It also remains, by and large, unregulated, which means limited protection against such crimes.

In fact, earlier this year when the chairs of Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), testified before the Senate Banking Committee on the subject of cryptocurrency and ICOs, they outlined the two major concerns on ICOs to be lack of sufficient oversight and illegal ICOs.