1) The organization selling the coins more or less says "hey who wants to buy these for $1 each" and somewhere between zero and lots of people buy them. Once I buy one, I can sell it to anyone else for any price. Then the invisible hand does its thing 2) Well the coins themselves can't really be changed. Any actually enforcable obligation on the purchased company wrt to those tokens would ostensibly be acquired as well

I think the big risk with lots of ICOs these days is even if some discerning investors pass, there are still lots of folks buying in as described in #1. And a lot of times it's really unclear what leaglly enforcable obligations actually exist wrt #2.