Crypto Chronicle
  • Home
  • News
  • Crypto Mining Operation Shut Down in Switzerland
Mining News

Crypto Mining Operation Shut Down in Switzerland

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.

Related posts

Blockchain Collaboration Aims To Support Musicians Rights

Mark Hartley

Crypto Week in Numbers: a Billion Dollar BTC Transfer, 2 Billion XLM Airdrop, and €100,000 Bitcoin Givaway

Mark Hartley

Novogratz Donates Crypto Profits To Princeton

Neil Mathew

Leave a Comment

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.