The news coming to Ethereum World News indicates that the ICO initiative of Envion (ENV) was closed by a Swiss court. Established almost a year ago, the initiative turned into turbulence when partners Michael Luckow and Matthias Woestmann went to court to settle a chip issue. Woestmann accused Luckow of wanting to coin more tokens than initially agreed. Woestmann went on to plan a capital increase to dilute Luckow, thus initiating a domino effect of suits and counter-suits that led to the current court verdict.
Immediate interruption of court orders
According to the Handelsblatt Today, the cantonal court of Zug has ordered the immediate arrest of the company and the beginning of the liquidation. Among other reasons, the court said that Envion had no auditing and no non-existent advice.
However, the court's ruling is not binding, but Urs Schenker, a Zurich legal expert, believes that this is the end of the road to Envion. The financial supervisory authorities have already appointed an investigator, thus starting the liquidation process.
What about ICO investors?
Individuals and companies that invested in ICO are invited to verify their identities and submit applications to the bankruptcy office. These requests must be submitted within one month of the announcement of dissolution or investors risk giving up their investments.
The liquidation may take a year or two, but another complication is that the funds raised are in the accounts of the Luckow company in Berlin and not in the accounts of Envion.
Envion (ENV) was a unique ICO project because the founders of the project had this unique idea of loading cryptocurrency miners into containers and transporting them wherever economic power was everywhere in the world. Fully-supplied mining containers were known as mobile mining units (MMUs) and their entry into the encryption space was intended to produce a win-win situation where power companies sold their excess capacity to the enterprise with one discount to perform their mining activities. unit.
The profits generated by the MMU would benefit 100% investors in two ways. Firstly, through the weekly distribution of dividends which accounted for 75% of these profits. The other 25% would be reinvested to create more MMUs.
What do you think of the verdict of a Swiss court to close the business? Let us know in the comments section below.
[Feature image, Envion Mobile Mining Unit. Source, Handelsblatt.com]
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