Swiss Court Liquidated the $100 Million “Green” Mining Firm
The court of the Swiss canton Zug decided to liquidate the company Envion, which planned to use "green” energy for mining. According to authorities, the company conducted unauthorized ICO.Crypto startup Envion conducted ICO in January 2018 and managed to collect $100 million. The project wanted to use renewable energy for mining cryptocurrency.
After that, the Swiss financial regulator decided to check whether ICO violated the country's laws on issuing securities. As a result, the regulator appealed to the court, which decided to immediately liquidate the company for conducting an unauthorized ICO.
The court advised investors, who participated in the ICO, to verify their identity and request a refund.