Less than a quarter of token offerings and crowdsales in November achieved to meet their investment plans and attracted the planned amount of funding. Recent sever rhetoric of regulators and scandals surrounding blockchain projects have cooled the investors' fever.

Only 23% of the projects that conducted Initial coin offerings (ICO) in November reached their investment goal, the TokenData study concludes, based on analysis of 34 crowdsales of November.

It is the fifth consecutive month in which fewer than one-third of start-ups met their financing goal.

In April, May, and June, ICOs demonstrated higher success, with those that hit their target accounting for 53%, 41% and 57% respectively.

"The downward trend in number of projects that reach the hard cap is a signal that the ICO hype has cooled off a bit," said Ricky Tan, founder of TokenData, in an email to CNBC. He said many of the token sales falling short of their goals are "mediocre to low-quality projects."

According to CoinSchedule, from the beginning of 2017, $3.6 billion was raised through coin offerings. The largest ICOs of 2017 are Filecoin ($257 million), Tezos ($232 million), stage I of EOS ($185 million), Paragon ($183 million) and Bancor ($153 million).

Investors' interest in ICOs is decreasing amid tightening of regulatory rhetoric towards this method of attracting financing. In the past six months, world financial authorities have made statements concerning crowdsales. Countries such as the United States, Canada, Australia, Singapore and others, noted that tokens if they have relevant characteristics, will be treated as securities, and therefore must be registered and comply with national securities laws. Regulators of China, South Korea, went to even greater extremes and declared ICOs completely outlawed.

The statistics on ICO looks alarming for investors. According to RBC analysis, 84% of the projects that attracted funding via ICOs do not have a working product or service.

The scandals around the largest ICO startups also contributed to the decrease of ICO hype. So, the project Tezos in the near term could face a third class action. The American Bureau Hagens Berman, specializing in the protection of investors' rights, reported that it is conducting an investigation aimed at returning bitcoins, ethers and other cryptocurrencies invested in the project to their owners.