Crypto-based firm that aimed to combine cryptocurrency mining with green power, Envion, has recently been shut down by the cantonal court of Switzerland. Envion established itself to serve as on off-grind company which makes use of clean, decentralized energy to power mobile mining units.
The company successfully raised a total of $100 million in funding through the use of a Initial Coin Offering (ICO) conducted during January 2018, before the investigation was prompted by Swiss regulators for violating securities laws. One of the many criticisms that have been leveled at cryptocurrencies in the past is related to the massive amount of power the mining operations consume on a daily basis. Envion was one of the startups promising to make use of two of the biggest trending techs in the scene; blockchain technology and ecological investing.
The Zug cantonal court has ordered the immediate shutdown of the firm and its liquidation. Other reasons behind the these action by the court is due to Envion never having a auditing function, while pointing out that there was no function board of directors currently in place since the previously chairman, Woestmann, stepped down from his position.
For any investors who’ve participated in its ICO, the court has advised you to verify identification and file claims with the bankruptcy office, or risk not being considered in the dissolution and bankruptcy proceedings. The report further states that these claims must be filed within a month of the dissolution announcement, or concerned investors will forfeit their investments.
The mining Scene continuous to be hit pretty hard, with Envion being another crypto mining firm being shut down in this month alone. While the mining scene has been seeing some negative new as of late, there are some positives, such as Intel’s recent patent that will hopefully decrease the energy usage of crypto mining.
How this affect crypto mining firms in the future?
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