Swiss Crypto Mining Firm Shut Down by Zug Court

Nov 29, 2018 at 19:20 Update Date :Dec 22, 2018 at 07:45 UTC

As per the reports of Handelsblatt Global, a German news outlet, November 28, Envion AG –Switzerland based cryptocurrency mining company, was shut down by the cantonal court of Zug, due to the allegations of unauthorized Initial Coin Offering (ICO).

Envion, a crypto firm founded in Switzerland by Michael Luckow and Matthias Woestmann. The firm claimed to use the clean, decentralized energy like solar, hydroelectric, to use it in its mobile mining units. The crypto firm has risen over $100 million with the Initial Coin Offerings, which was conducted in January 2018.

Conflicts and Result

The project which was started by the two founders turned into a clash between them. Matthias accused Luckow of producing tokens which were over the suggested limits. Matthias step led to creating more capital, which subsequently decreased the shares of Luckow. This whole drama resulted in a court trial.

The cantonal court of Switzerland decided to shut down the company. Matthias accused his partner of not providing the exact whole information regarding Initial Coin Offering (ICO). On the other hand, Luckow stated that Matthias always pushed the firm into liquidation. The financial supervisors have appointed an investigator to check over the liquidation.

The investors of Envion who are trying to get their investment back have to identify themselves to the liquidated office because if they don’t precede this, they might not be taken into consideration during the proceedings of liquidation. As per the official statements, the investors have to register within a month for the same.

FINMA Investigation  

The whole investigation of Swiss Financial Market Supervisory Authority (FINMA) was started in July 2018.  The authorities reported that during the Initial Coin Offering, the firm Envion taken over 100 million francs, which were around $100.01 million that time, from nearly 30,000 investors. The firm, in return, was issuing its tokens – Envion Native Tokens (EVN).

Presently, the tokens of Envion have seen a growth of 186 percent up in the prices, whereas, it is currently trading at $0.08, the facts of CoinMarketCap say. The market capitalization of EVN tokens is around $8.9 million, with per day trading volume of around $12,000.

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