They claimed to be a bank (savings account) that would give users free lottery tickets for saving money on their app. After freezing customer assets on the app, they pivoted to gambling. Customer funds are still frozen last I checked.
Their launch HN thread here: https://news.ycombinator.com/item?id=23780062
Coffeezilla has a good video exposing the fraud: https://www.youtube.com/watch?v=bBUkajbg688