This is a small assessment for those who have donated to the Cloakcoin development fundraising.

The question is whether those who paid for the fundraising has a right to get a refund.

The decisive factor is whether an agreement has been entered into.

The rules on conclusion of an agreements is characterized by «offer and acceptance», see Unidroit Principles article 2.1.2, DCFR II.-4: 201. Alternatively, an agreement can be entered into if the recipient has been given reasonable grounds to believe that an agreement has been entered into. The rule is a result of case-law. I’ll discuss the questions separately.

To conclude if there is an “offer and accept” it is important to assess how “clear, definite and final” the promisers wording is. The website of cloakcoin uses the terms "donate for development" and "donate with bitcoin ...". A natural linguistic understanding indicates the statement is clear, definite and final. In my opinion, the fact that "donate for development" is aimed at an indefinite circle of people cannot exempt the statement from being characterized as an offer.

Alternatively, the question is whether the promise-recipient has been given reasonable grounds to believe that an agreement has been entered into. The answer will depend on an overall assessment of which not only information on the website, but also other statements that the cloakcoin people have made.

Given that an agreement has been entered into, the main rule is that agreements must be kept (pacta sunt servanda). To begin with a promise-recipient can demand to uphold the agreement. The rule also applies to agreements where there are several promise-recipients.

In principle the promisor has the right to withdraw from the agreement in exchange for paying compensation. The principle is that the promise-recipient shall be compensated as if no agreement had been entered into. The promise-recipient has an unconditional right to refund. The promise recipient is also entitled to compensation if the conditions for compensation are met. If the promisor is not willing to pay, there might be room for the compensation of lawyer expenses for example. In case of breach of contract, it’s also important to demand interest on arrears.

See cloakcoin as a hobby-project and you won't be disappointed.

But, spending 1 million USD for an exchange-listing is kind of unrealistic. Rather without proof of a receipt, it is possible the money was spent on other unknown causes.

I’m not obliged to answer. Don’t call me Bart. I find it tactless.

I think this is a hobby project, so don't expect too much.