A Swiss-based crypto-mining startup that planned to use renewable energy to mine cryptocurrency “off the grid” has been shut down for allegedly conducting an illegal initial coin offering (ICO).
Switzerland, and in particular the canton of Zug, is usually a very crypto-friendly country but have begun implementing stricter controls recently. According to the report in local publication Handelsblatt Global, the ICO project Envion AG began fundraising in January this year but was investigated by the Swiss Financial Supervisory Authority (FINMA) in July for accepting illegal deposits.
The project had impressive beginnings, exhibiting a strong team and optimistic roadmap that promised to deliver eco-friendly energy to the crypto mining space. However, after a $100 million ICO that issued EVN tokens to investors in the form of bonds, disagreements fuelled by the ongoing legal issues led to its eventual demise.
Now, after being officially shut down and ordered to liquidate by a local court in the Swiss canton of Zug, Envion investors are being asked to identify themselves in order to be refunded.
Envion founder Michael Luckow was reportedly attempting to repair the issues and get the project back on track, but that seems unlikely to happen now.
