There was similar contest while back. Is it same project? I can already see that quite a few logos(including mine and most popular "diamond") where stolen/taken from that old thread.
Lots of controversy is associated with this name, kinda bad sign. Now, all this plus special off forum contest with big prize... that's a blinking warning light, at least for me. Don't get me wrong, I don't mean to FUD this thing, just asking questions and reporting concerns.
In case I'm totally off with my suspicion -> sorry
This "controversy" was at ICO. Some people (i.e. -Greed-) dosen't seem believed then that this project can happen. If you find more fresh controversy, not the ones that was year+ ago please drop me a link to it.