Envion hosted one of the most fraudulent ICOs seen in 2018. Under the guise of a revolutionary, eco-friendly cryptocurrency-mining stroke of genius, Envion swindled one hundred million dollars from thirty-thousand genuine investors. It wasn’t long before the organisation fell apart, the ICO was declared unauthorised and the company ordered to cease trading by a Swiss court.
They comprehensively betrayed every investor and stuffed their pockets with the funds raised in what was one of the largest-grossing ICOs in recent years. The upper echelons of Envion fell to pieces and engaged in frenzied bickering, with accusations flying at will. The value of the token has dropped to almost nothing and there is no sign of the now-defunct company willingly offering refunds to their embittered investors.
They were directly in violation of the EVN subscription form and U.S. securities laws and are completely liable.
This class action is accepting class members
The company itself lays in ruin and is completely incapable of carrying out any promises listed in their WP.
Envion had a vision to ‘disrupt the cryptocurrency mining industry with Mobile Mining Units’, stations that would use clean, low-cost local energy to mine a wide range of cryptocurrencies. They preyed on the modern person’s wish for a better, cleaner world and twisted it to enrich themselves. Unfortunately, mining is not possible from mobile devices for so many reasons that it is hard to believe that Envion founders ignored that since the beginning.
Not surprisingly, soon deals collapsed, and the team openly confirmed they’d never be able to realise their goals. They promised an ROI of 165% but had no valid calculations to back this up in their WP. Instead, they listed vague figures for manufacturing, shipping and installation of their MMUs and mathematically incorrect assumptions of energy and running costs.
Envion’s token was never meant to be realised and the value crashed hard and fast. If the MMU project was ever supposed to be reality, why did they even need to fund a token? The project didn’t need a token – it just required the MMUs. Envion could have crowdfunded for the production of these units and completely disregarded the token. Instead, they built a fraudulent ICO to raise massive funds based on the promise of a high performing token.
Envion soaked up just over 100m USD and did nothing beneficial to their investors with this funding. They clawed in the money, pushed out a token that would drop in value to almost nothing and denied their investors any concrete updates or proof of production. No Mobile Mining Units were ever developed, leaving the community to question exactly where their money was being spent.
The controversy surrounding this company is staggering: the CEO (Matthias Woestmann) claimed founders had fraudulently created over 40m tokens for themselves without the knowledge of the board. At the same time, the founders alleged that the CEO illegally took over the company and refused to burn coins post-ICO, as promised in their WP. In fact, Woestmann is reported as having kept extra tokens for himself. This information is referenced in the following sources:
No – the token had no utility beyond being used as a fundraiser for the MMUs and certainly wouldn’t require blockchain implementation.
No, this was a standard ERC20 token manufactured by a team that had little-to-no experience with cryptocurrency, as publicly declared.
Envion has lead one of the most most questionable ICOs in recent years. The amount of money they conned from their investors is mind-blowing, and the lack of control or structure within their company displays a high level of instability in the project. Envion’s CEO publicly admitted to having no knowledge of mining currency, and the head founder had previously failed in a string of business endeavours.
There is nothing good to take from this. The company has ceased trading, the coin is worthless and the 100m USD shows no sign of being returned to the devastated investors any time soon.
If you have been financially impacted by Envion’s ICO, join this class action with confidence.
- MR. MATTHIAS WOESTMANN
BOARD OF ADVISORS:
- MR. EMIN MAHRT
- MR. MORITZ STRUBE
Approx. funds raised:
About this ICO:
– Huge scam
– Worthless coin
– Company closed
– 95% drop in value
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