According to their Telegram, people who have been in the presale are eventually eligible for a refund on an individual basis with no guarantees. Since they changed the sale conditions after the sale, this shouldn't be an issue though, just contact their "legal department", iirc the address is legal at utrust dot io.

I understand their replies may sound a bit rough on Telegram, people are quite aggressive there. While I see some red flags on this project, I guess they might really just have been a bit naive when they started it and somehow didn't do sufficient background checks on Marc Philipp Brühwiler.

So I've gone through the KYC process now. Its's probably most convenient to install their IDnow app. Waiting time was ~20 minutes as announced, with one other person in the queue before me (the app shows this info, I have no idea how they are supposed to process several hundred cases per day at that speed, but okay). Whole process took about 15 minutes. Greeting was in English, but since I knew they're a German company and I heard the guy doing it was from Switzerland, I continued in German. Had to show the front and back of my ID, still not convinced this is completely legal as he took photographs of it and you have to show the original document. He also takes a photo of you and you have to provide the proof of residency, so have that ready as well! Not only the ID (or passport)! It was sufficient to point the camera to the bill I had on my PC though, didn't have to print it. He then did some stuff while I was waiting and that's it, you'll be redirected to the UTRUST site which says final processing will take about two days and you'll receive a mail when it's finished.

/e: I read their privacy statement and they don't use the identity data for anything else besides the actual KYC. Since German and Swiss law is pretty strict and the penalties can be drastic, I believe that.