Can anyone let me know what happened to this?
I was not involved and have not heard of UCI Coin until today.
I googled Altcoin IPO as I am trying to get a handle on how these markets work. This coin came up.
I have found several articles and sites making big promises about what this coin was going to do, but the trail goes cold in 2016.
Given that this coin was associated with a person - one of the few where I have seen someone willing to put their name to a coin - Antoun Toubia. Does anyone know what happened to Mr Toubia? Is it possible that he or his involvement was fabricated in order to increase confidence in the project?
Is it the case that this project simply went silent and dropped of the face of the earth? From claims made in marketing materials it sounds as if "early investors" had put significant quantities of money into this project.
I am trying to understand this, in order to try and better understand Crypto and altcoin projects which are around today.
It was an ICO which promised the coins would be backed by real-world investments. They promised huge returns and shares of a company which later turned out to be basically worthless. After a while the web of lies started to fall apart when angry investors tried to cut their losses and get out, but they wouldn't refund, and it was getting clearer and clearer that it was a scam.
In the end they were dropped by c-cex and promised to find a new exchange, but of course let the coin die silently. I think they ran away with quite some cash.
I was following it at the time and i think the most important lesson from this coin is that you should always count the red flags. If the dev team does something that just completely goes against what they say they will do, or what they would logically do if they are actually trying to produce a good project, mark it as a red flag. If that count goes over 3, beware. If it goes over 5 significant events or 10 smaller events, get the hell out.
This experience is what helped me cut my losses with StartCoin:) (red flag count was well over 25 at the end)
