The Swiss company Envion AG had the goal to mine cryptocurrencies such as Ether or Bitcoin with self-made mobile containers for mining hardware at various plants for the generation of renewable energies.
Therefore, an STO started in December 2017, where the company was able to raise around $100 million from 37.000 investors. The founders got into an argument which landed in court in 2018 and the business operations could never begin. In December 2018 the company went into liquidation process after the swiss financial services authority FINMA found serious legal issues in the token distribution in the course of an enforcement procedure. The Envion token was already listed on some exchanges and had to struggle with big losses.
What can the tokenholders do?
Within the next month, an online platform for the tokenholders will go live, where they can assert their claims to the liquidator. At this debts-call, the tokenholder must prove that he’s really the owner of the Envion tokens. (CryptoTicker will come up with further informations). In the distribution process, which is expected for 2020, every creditor will receive his stake in FIAT. From informed sources, we have been told that the bankrupt’s estate lies around $45 million for the tokenholders. If we put this into a sample calculation and divide the named amount equally among all tokens (127.425.494 Token existing), every token gets get a price of $0,35. When not every token would be registered at the debt call, a higher token price can be assumed. Tutorials on how to use the platform can be found online.
Notwithstanding the above, a foundation (LUD) launched a website for the support of the tokenholders during the liquidation process. If you get registered for the site too, you’ll get a claim of a part from total $25 million additionally to the liquidation process. (founder tokens, compensation claims out of lawsuits) that the founder team around Michael Luckow wants to pay the investors as an atonement for their faith and patience. Another sample calculation, if the tokenholders, which got a total of 70 million Envion tokens, will register at the foundation, they would get $0,35 per token.
Advantages of STOs
Envion was one of the first STOs in general and already proved the difference to ICOs in case of difficulties. While the ICOs have no mechanisms to protect the Investors, it becomes clear that the judicial system can take actions by the STO to prevent bigger damages. In the case of Envion, a major part of the banking-account balances could be frozen and secured.
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