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1  Alternate cryptocurrencies / Altcoin Discussion / [2015-07-24]CloakCoin: ‘We Had to Do Everything from Scratch, Only the Name Has on: July 24, 2015, 07:29:52 PM

The Story of CloakCoin

In mid-2014, the first wave of cryptocurrencies similar to bitcoin but with improved anonymization features came on the market. CLOAK or CloakCoin, was one of the first and most promising projects. The price of cloak shot up reaching nearly US$6 million in market capitalization and a price of US$11.5 dollars per cloak.

What followed, however, was a sudden crash. There were rumours that one of the many "pump and dump" groups had driven up the price and then cashed out, crashing the market. The development team was also apparently unable to cope and finally announced in October 2014 that they were leaving the project completely.

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