Here's everything we know:

So far it appears to be the first public attempt at a What successor. It's not known to be backed by What.cd officially. The staff includes AzzA, who is probably best-known for being accused of stealing money from BTN, and Sarek/geekmaster, who created the Genaviv stylesheet for What.

The current home page uses a video from Spotify. Discussion is largely taking place in #var on irc.varmag.com although the actual development channel is private. It seems that nocd.club is another domain they're using that could eventually be the final address.

There's a Pastebin going around that suggests they've been handed over What's user and torrent information, but this has been confirmed to be fake by ars3nic (former What.cd team) and others.

So far the general consensus is that it looks very shady and that although it may be fastest, a true What successor is likely to be a longer wait. At worst, it's a phishing scam, and at best a new tracker founded by people lacking the charm or good faith reputation of What.cd. Its supporters, who are calling anyone doubting idiots, has not helped matters.