Escrow services for WAVES ICO are provided by:
Alexander Kuzmin, mycelium.com founder.
Paul Klanschek, coinimal.com founder.

2 out of 3 multisignature  service from Coinbase.com is used.
The funds will be released upon successful launch of WAVES network and after the balances at the ICO site can be withdrawn to WAVES wallets addresses.

According to escrow agreement the funds have to be transferred from the escrow address.
https://blockchain.info/address/35fe2CM2zbMeSfhRjpjW8ikTJcZj8NooFD official Waves cold wallet
5 k is withdrawn for current and upcoming development and marketing costs, good moment to sell BTC. 1 k out of it is spent on WAVES buy-back.