Envion
The token sale was followed by a court-ordered dissolution
A company in Baar, in the Swiss canton of Zug, that sold EVN tokens to fund mobile cryptocurrency-mining units running on off-grid clean energy, with the tokens entitling holders to profits from the mining.
- Capital raised (reported)
- Estimated
Recorded announced backing; this is separate from cash received, customer deposits and money recovered.
- Investors in the token sale
As found by the Swiss Financial Market Supervisory Authority at the end of its enforcement proceedings.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| EVN token sale | Unknown | Not disclosed |
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
Timeline
January 2018
The sale ran from December 2017 to mid-January 2018. Buyers could pay in US dollars, bitcoin or ether.
26 July 2018
The Swiss regulator said it had opened proceedings in July over possible breaches of banking law through the unauthorised acceptance of public deposits in the token sale, and had appointed an investigating agent.
14 November 2018
How it ended
The Cantonal Court of Zug opened bankruptcy proceedings against envion AG because the company no longer had an auditor, an organisational deficiency under Swiss company law. No appeal was filed, and the Zug bankruptcy office took over the liquidation while a FINMA enforcement case against the company was still open.
What happened next
- Regulatory action27 March 2019
Concluding its proceedings, the Swiss Financial Market Supervisory Authority found that envion AG had unlawfully accepted over 90 million francs from at least 37,000 investors without the licence required, and had seriously violated supervisory law. It said the EVN tokens were issued in a bond-like form with a claim to repayment after thirty years, on terms that were not equal for all investors. Because the company was already being liquidated by the Zug bankruptcy office, FINMA took no further measures.
Still alive
Open spot
Envion is gone. Is your mining company still running?
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Sources
8 sources behind this page.
- 1FINMA Launches Proceedings Against $100 Million ICO Envion AG · Bitcoin.com News · Jul 2018
- 2Swiss Crypto Mining Firm Faces Enforcement Action for Potentially Unauthorized ICO · Cointelegraph · Jul 2018
- 3Swiss Financial Regulator FINMA Reports Illegal Activity by Envion AG & Initial Coin Offering · Crowdfund Insider · Mar 2019
- 4FINMA Declares Envion AG's $90 Million ICO 'Illegal' · Finance Magnates · Mar 2019
- 5Envion (EVN) ICO · ICO Drops · user-editable
- 6Kryptounternehmen envion AG in Konkurs · LAW.CH · Dec 2018
- 7FINMA ascertains illegal activity by envion AG · Swiss Financial Market Supervisory Authority (FINMA) · Mar 2019
- 8FINMA launches proceedings against ICO issuer · Swiss Financial Market Supervisory Authority (FINMA) · Jul 2018
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.