I don't know the full story but from the few posts I've read, I think the dev promised to set up a buy wall for his investors after the ICO. Instead, he dumped all his coins, never put up the buy wall like he promised, abandoned the project, and disappeared.

There is a similar project called vTorrent that has many of the same functional aims as this one. It's worth a look if you're interested in these types of things. I can't say for sure whether it will turn out to be a scam like this one and Torrentcoin (a similar scam where the dev also ran away) but it seems to be the most promising one of the bunch.

By the way, I'm considering reviving/relaunching this coin too if there is any interest although unfortunately, history suggests that relaunched coins usually don't end up very far. Plus, the logistics of putting a torrent repository in a blockchain is giving me a headache. The code is still up on GitHub in case anyone is interested. It seems to be a 1:1 copy of Torrentcoin so perhaps forking that might be more ideal.