Something similar happened with the BAT ICO... only big whales were able to buy, and most of the tokens ended up in just a handful of wallets. Pretty unfair to the small investor, since the whales pay ridiculous amounts of gas making it impossible for the normal individual to partake.
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I think it's possible for ICOs to only accept transactions with certain gas price, which could stop whales from paying ridiculous amounts of gas to propagate their transactions.
But that depends on ICO devs and it also might cause other problems.