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The cantonal court in Zug, Switzerland, closed the cryptocurrency mining company Envion AG for a supposed unauthorized initial offer of coins (ICO), German media Handelsblatt Global reported on 28 November.
Envion was created in Switzerland by Michael Luckow and Matthias Woestmann as an off-grid mining company that claims to use decentralized and clean energies, such as hydropower and solar, to power its mobile mining units. Envion reportedly collected about $ 100 million through an ICO held in mid-January this year.
However, the project eventually turned into a fight between the two partners, with Woestmann accusing Luckow of producing more chips than was originally suggested. Woestmann then designed a capital increase reducing Luckow's share. The dispute resulted in a lawsuit.
The cantonal court of Zug reportedly closed the company and ordered its liquidation, while noting the total absence of function or audit committee. Woestmann, however, continues to accuse Luckow of not providing relevant information about the ICO, while Luckow allegedly stated that Woestmann had always intended to push the company to liquidation.
Although Luckow is allegedly trying to continue to fight for the cabinet in order to save the original concept, financial supervisors would have appointed an investigator to make sure the liquidation is "inevitable."
Envion investors wishing to recover their money will first have to identify themselves in the form of a letter to the bankruptcy office, failing which they will not be taken into account during the bankruptcy procedure. In addition, investors must register their claims within one month of the announcement.
The initial ILO survey of Envion by the Swiss Financial Market Supervisory Authority (FINMA) began in July. FINMA's investigation into the case revealed that at its ICO, Envion had accepted about 100 million francs (about $ 100.01 million at the time) from more than 30,000 investors. exchange of Envion's native token issue ("EVN"), "in the form of bonds".
The investigation has focused on "any breaches of banking law resulting from the potentially unauthorized acceptance of public filings" during the symbolic sale.
At the time of the press, the EVN token has seen its price rise by 186% during the day and is trading around $ 0.08, according to CoinMarketCap. The market capitalization of the token is approximately $ 8.9 million, while its daily trading volume is approximately $ 12,000 at the time of publication.
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