Few days ago we had an opportunity to see a launch of a new project - Electroneum Coin which followed an ICO that's gathered around $40 mln USD. The idea of the coin was to introduce mobile mining and fast mobile transactions. You can find more on project's website.

From the launch at 00:00 AM on November 1st there have been few issues that increased people's concern in regards to this project:

1. Mobile mining hasn't been launched. Cryptonyte mining was launched instead with absolutely no changes to Monero coding (except coin name, obviously).

2. ICO coins haven't been released to the investors. The project's spokesman Contraband stated that there was a "hack". No details have been provided in writing except that the team is working and there is no ETA on the release.

3. 15 hours after the mining started official pools stopped making payouts. Estimated worth of the coins being stucked on those pools is at least 5-10 BTC.

4. The biggest issue - the coin was accepted by Cryptopia exchange operated by the kiwis (NZ). So with the coins being traded at a price higher than ICO price all the investors got furious. They watched miners selling coins without being able to sell anything they paid for.

5. When community started asking questions, the spokesman (Contraband) started deleting posts from the moderated thread.

Let me summarize everything.
4 days after the launch investors haven't got their coins, miners cannot get payouts released, mobile mining hasn't been released and posts are being deleted.

I'll let community make conclusions. Just trying to point out what looks strange to me.