https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3215345 (cheeky bugger won't archive.is)
This Article presents the legal literature’s first detailed analysis of the inner workings of Initial Coin Offerings. ... many ICOs failed even to promise that they would protect investors against insider self-dealing ... retained centralized control through previously undisclosed code permitting modification of the entities’ governing structures