Envion AG startup that raised over 100 million USD during its ICO is being accused of fraud. The Swiss financial supervisory authority FINMA is investigating the case, according to the information on the website.
Why Is It Important:
— Envion AG ICO was held between December 2017 and January 2018 and over 30,000 investors took part on it. FINMA states that the company accepted fiat money and exchanged it to its own tokens which is against the law.
— The company officials don’t get along and accusing each other. Envion’s CEO Matthias Woestmann says that the project founders issued additional tokens for their own benefit. The founders accuse him of breaking the contract and controlling the startup.
The Swiss company has developed an energy-efficient alternative for the creation of cryptocurrency, the so-called crypto-mining. | 
