Overview of the allegations:

The founders of BlockCAT made promises similar to those of Sparkster, another ICO holder that allegedly funnelled millions into an unrealised platform. BlockCAT openly stated that they were building a “visual smart contract designer” that would allow anybody in the world to create and deploy smart contracts to the Ethereum blockchain without having any knowledge of code. Again, very similar to Sparkster’s promise of creating toolkits that a user could utilise to construct tools without any prior knowledge.

However, allegations have arisen that BlockCAT has currently made very little advancements along the path of their roadmap and has created just one (badly performing) product. Reports indicate the value of their coin has plummeted by approximately 98% and is now almost untraded on the few exchanges it is listed on. It is alleged that the token has lost all utility and the 7m USD raised in funds has been absorbed without a trace.