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However, the total funding volume has increased remarkably since the first ICO. The exclusion of intermediaries with the absence of regulation are causing high information asymmetries resulting in investor risks and increased opportunities for moral hazard and fraud. Based on blockchain technology, this investor-investee relationship relies on a peer-to-peer basis and intermediaries are cut out of the funding process. Initial Coin Offerings (ICOs), are disrupting entrepreneurial financing by encouraging ventures to seek funds via generating and selling blockchain-based tokens to investors. Finally, we highlight agendas for future studies and implications for policy, theory, and practice development. Based on this review, we develop a model for ICO success, tracking success determinants in each phase of the ICO process. The founder initiates the ICO process by deliberately selecting this method for funding their business and choosing the type and quality of signals that both encourage investors and guide their decision to participate in and support the ICO project in different contexts. The review explores six main determinants of ICO success: the founder, ICO, venture, market, investors, and context. This paper incorporates signaling theory and a phase-based view of the ICO process to systematically review 78 empirical studies, published between January 2017 and January 2022, on the conceptualization, theories and determinants of ICO success. A growing body of research has explored the factors that shape ICO success, yet few studies have synthesized and integrated the findings of the fragmented literature. This novel, crowd-based funding method has successfully attracted tremendous amounts of funds for both new ventures and established businesses. Initial coin offerings (ICOs) have recently experienced an explosive expansion in entrepreneurial finance. Overall, our study paves the way for research on what some refer to as the "crypto fund revolution" in entrepreneurial finance. These performance effects for CFs and CF-backed startups are driven by a fund's investor network centrality. Their outperformance is persistent, suggesting that CFs deliver abnormal returns because of skill, rather than luck. Moreover, CFs beat the market by roughly 2.5% per month. CF-backed startup ventures obtain higher ICO valuations, outperform their peers in the long run, and benefit from token price appreciation around CF investment disclosure in the secondary market. We compile a unique dataset combining token-based crowdfunding (or Initial Coin Offerings, ICOs) data with proprietary performance data of CFs. CFs intermediate Decentralized Finance (DeFi) markets by pooling contributions from crowd-investors and investing in tokenized startups, combining sophisticated venture-and hedge-style investment strategies. Crypto Funds (CFs) represent a novel investor type in entrepreneurial finance.