Overview of the allegations:

It has been alleged that Liquid ICO has returned absolutely zero value to investors, and everything promised in their 2017 white paper has allegedly remained undelivered.

Allegations have surfaced that statements made by the team at the time of the ICO, inflated the price of the token and misrepresented the project.  

Allegedly, ICO proceedings have not been allocated as promised, and the Liquid team is reported as just using them for its own purposes.

Quoine (Liquid) is a healthy exchange, and reports indicate that funds will be returned if a legal class action is put forward.