An initial coin offering (ICO) is a fundraising method used by startups to launch new cryptocurrencies or blockchain-based projects. It involves creating and selling tokens or coins to investors in exchange for established cryptocurrencies like Bitcoin or Ethereum, or in some cases, fiat currencies. ICOs gained popularity during the cryptocurrency boom of 2017, but their legality and reliability have been questioned due to numerous scams and fraudulent activities. Despite this, ICOs remain a viable option for blockchain-based startups looking to raise capital without going through traditional venture capital routes, and they continue to attract both investors and regulatory scrutiny.