There was rumours that the getgemz app was getting huge mobile app downloads, it seems it was completely faked however.
Yeah makes you wonder. I mean essentially the investors paid 1.6 million dollars for ....well ..not much.
Seems that funding was diverted off to his own private project. I'm hoping that becomes a large success so there is a big incentive for legal measures to be taken against them.
Another reason ALL ico funds should be held by escrows and released to them gradually as milestones are reached.
Escrow is definately needed, we need more people to vet the projects. I try my best, general rule I have now is that it is not to be trusted if it's not on my site.