Cantonal Court Of Zug Shuts Down Operations Of Envision AG Crypto Mining Firm

A German news outlet reported that the cantonal court of Zug has closed operations of the crypto mining firm Envision AG.

The brainchild is of partners Michael Luckow and Matthias Woestmann and it immediately raised about $100 million through initial coin offerings or ICOs. But soon things fell apart. Woestmann accused Luckow of manufacturing more coins than agreed on, so he engineered a capital increase that diluted Luckow’s share. A flurry of suits and countersuits followed and operations ground to a halt.

Envision And MMUs

Envion has promised to develop a system of Mobile Mining Units (MMUs) that can tap electricity
directly at the source: at hydro, solar, wind and fossil power plants in every corner of the
planet. Their MMUs are based on standard intermodal (sea) containers, equipped with
mining hardware, communication, and industry 4.0 automation features, remote control
capabilities and a break-through cooling system that only makes up ~1% of the system‘s total
energy consumption. Altogether it’s a high-tech solution that can be seamlessly deployed
globally and allows the company to use the cleanest and cheapest energy mix wherever it is available.

The flexibility of the MMU system helps us to fuse two of the most important sectors of
the 21st century: blockchain technology and renewable energies. Using the dynamics of
exponential growth for both, they promote climate preservation and the welfare of our token
holders. It is the physical incarnation of the blockchain spirit: a robust and decentralized
system that can withstand disruptions in government policies, price structures and the
energy supply.

The Zug Court Ruling

Investors meanwhile found out that even though Woestmann was the chief executive, the firm itself was registered in Switzerland and the actual work was done by Trado, Luckow’s firm in Berlin.

The cantonal court in Zug wasted little time shutting the firm down and ordering its liquidation. Among other things, it cited the complete lack of any auditing function. Also, since Woestmann resigned as board chairman, there hasn’t been any board at all. The court ruling is not binding pending appeal, so the last word has not been heard. Woestmann continues to blame Luckow, accusing him of not providing information about the ICOs. Luckow says Woestmann always planned to push the firm into liquidation, but he will fight it and believes the original concept can still work.

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