There is a certain level of trust required when investing in an ICO -- you have to trust that the company is going to do what they say they're going to do.
I agree. And this is where my problem lies and possibly also the problem of some other investors.
Initially I trusted them and participated in the pre-ICO in September 2017. I kept all their documents from that time (with no KYC mentioned anywhere).
Then things became... less predictable. The change of the ICO start date. The change of the ICO end date a day before the ICO should have ended. Misleading information on their website ("regulated by FINMA"). And most importantly, the changes of the terms and conditions prior and also during the ICO.
I became more suspicious, less trusting, and started to ask questions. Most of the questions were left unanswered, or they were swamped over by hired chills from the bounties. Once they asked me to contact them directly by email as they were obviously not very keen to provide the answers in public.
I stumbled over other issues like their questionable choice of director running utrust switzerland (someone with a shady past involving stock selling scams), the fact that the company was founded just a few days before the ICO (in other words, there was no company during the pre-ICO, at least that's what I assume since they didn't answer this either), the fact that no one of the actual team is registered as a director of the company, and the fact that they chose a highly questionable debt collecting agency to do the KYC for them.
And now, after the passing of the ICO, there is their passivity, their lack of responses, all that after they got what they wanted (before I got tons of emails on a daily basis, now I get zero).
Trust is a tricky thing. Once you lose it, it's very difficult to regain.
Exactly, and as far as I am concerned they lost it. They kept changing the rules. That's not acceptable and makes someone very unreliable. Keep changing the rules and telling people it's allowed and fair is how a child plays a game. An adult sticks to the rules, admits his mistakes and takes his loss.
Potential customers and users of Utrust can read all this as well. And they will probably choose some other company, a company that's trust-worthy. So in the end all this hassle will turn out to be a huge loss for Utrust...