<p><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDQvNTNjMDljODMtZTcyYS00NTJlLTlmOTUtNzJjZmNhY2QzMGQ2LmpwZw==.jpg"></p><p>The 12 now-defunct projects raised a total of $26.7 million by way of a controversial fundraising method known as a presale.</p>