It was actually a joke project that got out of hand. From the developer:
“We hope everyone had a good laugh :) But we have to shut down. This was a parody art performance/joke. I did not "run off" with the money, I never sold any of my PonziCoins, and the contract was drained from other users withdrawing. Please be careful when investing in shady cryptocurrencies, especially ones that look like pyramid schemes - it's a zero sum game and money doesn't appear out of thin air.”
“We hope everyone had a good laugh :) But we have to shut down. This was a parody art performance/joke. I did not "run off" with the money, I never sold any of my PonziCoins, and the contract was drained from other users withdrawing. Please be careful when investing in shady cryptocurrencies, especially ones that look like pyramid schemes - it's a zero sum game and money doesn't appear out of thin air.”