RATE Group | Bitcoin Mining Start-Up Envion Ordered to Close by Swiss Court
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Bitcoin Mining Start-Up Envion Ordered to Close by Swiss Court

01 Dec Bitcoin Mining Start-Up Envion Ordered to Close by Swiss Court

Posted at 00:47h in Bitcoin News by

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Bitcoin Mining Startup Envion Ordered to Close by Swiss Court

Economy & Regulation

A court in Switzerland has ordered the closure of bitcoin mining startup Envion AG over concerns of poor corporate governance. The company raised $100 million in an initial coin offering (ICO) in January, but a succession of boardroom wrangles have led to a breakdown in its corporate structure, bringing operations to a halt.

Also read: Canadian Bitcoin Miner Fortress Blockchain Reports $1.16M Loss in Q3

Founding Partners Sue Each Other

Founding partners Michael Luckow and Matthias Woestmann have repeatedly gone to court to sue each other over allegations of subterfuge, which supposedly took place at the time of the ICO or immediately after, according to a Handelsblatt Global report on Nov. 28.

Bitcoin Mining Startup Envion Ordered to Close by Swiss Court

Among other things, Woestmann, who has since…

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