Overview of the allegations:

It has been reported that when BitClave’s ICO went live, they reached their hard cap of 25m USD in just 32 seconds. However, these reports fail to mention the 22m USD they allegedly secured in pre-ICO investments which cannot be verified and ultimately are a mere declaration from the issuer.

It has been alleged that this project was promised to be a next-generation rival to Google, Yahoo and Bing, proposing a truly decentralised search engine that would eradicate the need for 3rd party advertising and concerns over user privacy. However, allegations have surfaced that their premises were and still are very limited in comparison to what it reasonably takes to compete against these giants.  

Investors have reason to believe that almost two years later, the BitClave project went abandoned. It is alleged that no real product has ever been released, no tangible updates have been provided by the team and a string of red flags crop up when investigating the background of this company and their endeavours.