The first ever analog break-ICO: Draft Envion and the missing $ 100 million

The first ever analog break-ICO: Draft Envion and the missing $ 100 million

The founders of the project Envion filed a lawsuit against the shareholder Envion AG (Switzerland), namely the company Quadrat Capital GmbH , whose managing Director is Matthias Westerman also acts as member of the Board of Directors (CEO) Envion AG. Westerman illegally secured a controlling stake Envion AG, violating Treaty obligations. For many months the company was paralyzed by the actions of Westerman.

Envion AG — blockchain project based in Berlin. The idea of the company was to create mobile containers for the mining of cryptocurrencies that utilize renewable sources of energy. After conducting the ICO, which has collected $ 100 million, plans to establish a mobile blockchain centers suspended judicial proceedings.

The team , led by Michael the Lacquer has teamed up with former media representative Matthias Westermann. The developers saw Westermani experienced businessman who will take over the communication with investors and all administrative work, while the rest of the team focus on the technical part of the project. Instead, Westerman used administrative maneuvers to take control of the company, in violation of the business plan.

This is probably the first case of ICO-hacking, when illegally taken control of all funds of the ICO, not heknow a single wallet.

Westerman was instructed to issue Envion in Switzerland, after which he was appointed Director General with a 19% stake in the company. The founders have combined their 81% stake through a joint venture Trado GmbH. Westerman insisted on the agreement, under which the Director General will monitor the founders ‘ shares, to accelerate decision making for initial company settings and transfer them to Trado shortly before ICO. After manipulating Westerman is 81% founders got only 33 percent. The majority of Westerman. About the same time, investors did not know.

Varnishes and the founders have made every effort to find a common language with Westermann, but to no avail. Instead of having to restore the right of ownership for the founders agreed, Westerman gave the majority of the shares of the company Codefendant Thomas van Aubel .

The massive success of the ICO, which brought $ 100 million. — the merit of the founders. Trado continues work on the project at their own expense. The court is now the only option for founders to return funds to investors.

According to Michael Varnish:

“Envion AG belongs to the development team. Westerman, and van Aubel illegally took control of the company and violated the trust of investors. Our team has done everything to reassure depositors. Westerman, on the contrary, disappeared from sight.”

Meanwhile, the founders have exhausted all avenues and put their last hopes on the court:

“We are ready to create a product. The containers have come off the Assembly line, and we have to furnish their mining equipment. According to the plan, the team was going to pay dividends to investors now. Now we can’t do that because it involves the actions of Mr. Westerman. It’s not like he made any positive contribution to our business. “assured Varnishes.

He continued: “We are fighting for a solution for our idea and for our investors who have entrusted us with their money. We tried to reach a friendly agreement with Westermann. We are sorry that it happened, but we cannot continue to stand by and watch as he destroys the trust of our investors.”

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