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Please Wait! Our January Update On The Envion Liquidation

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Please Wait!

At the moment the EVN token investors mainly hear “Please wait”! The liquidator appointed by the Swiss Bankruptcy Court is currently working his way into the case. It is expected that further steps will then be announced on the website and that the token investors will be informed how to file their claims.

Status of the EFRI-Envion Initiative

As of 30th January 2019, around 250 token investors have registered with the envion EFRI Initiative and trust that we will represent their interests in the envion liquidation process. A large number of these investors have also commissioned EFRI to represent them at the expected envion creditors’ meeting.

We have also completed an initial status of our due diligence and can therefore state the following findings.

Determination of the number of tokens “relevant” for liquidation

The output of the founder tokens (include Founder/Company/Bounty Token) is based on an incorrect number of subscriber tokens. According to the envion prospectus of 12th January 2018, a ratio of 83 % subscriber tokens to 17 % founder/company/bounty tokens was planned.

This 17 % of the tokens were issued immediately after the token sale and transferred to the corresponding wallets for disposal. However, since most of the KYC and/or accreditation checks took place in the weeks following the conclusion of the token sale, the basis for calculating the 17 % was incorrect. In the course of the KYC check, the allocation of the tokens was corrected again. But not the proportionate Founder/Company/Bounty Tokens. A systemic error.

At this point, it should also be noted that not a few of the token investors who have paid by credit card still do not have their tokens at their disposal. This means that the token basis for calculating the actually entitled number of founder tokens must be further reduced.

Pre-SALE Tokens

Immediately after the conclusion of the token sales and even before the founder/company/bounty tokens were issued, 20.5 million tokens were generated for pre-sale investors. Of these 20 million tokens, 2.5 million tokens were intended as a “lump-sum reserve” and 5 million tokens for a major Russian investor. Neither the Russian major investor nor investors for the lump-sum tokens were realized. Irrespective of this, however, the 20 million tokens were included in the basis for the issuance of the founder/company/bounty tokens and have not been adjusted to date.

Since some of these illegitimately generated founder/company/bounty tokens have already been sold via the secondary markets, one can be curious as to how the liquidator will solve this challenge.

Of a total of 127.4 million tokens, the following were used

around 86 million tokens issued against payment in the Token Sale (before KYC,...),
around 20 million tokens were issued for pre-sale,
The rest are free-of-charge tokens for the founders, the company and the bounty program.

Straight-forward receivables from envion AG

Many of the investors who have paid by credit card have not yet received their access code (PIN) to the purchased tokens. Thus, the subscription of the token acquisition was not legally completed and in our opinion these claims are to be qualified as “straight-forward” interest-bearing claims.

Investors who failed the KYC and/or accreditation process were not refunded their money, contrary to the explicit assurance in the envion prospectus. These claims also qualify as “straight-forward” interest-bearing claims.

Bounty tokens for the advertising services provided have not yet been transferred to the service providers either; these claims can now also be registered as “straight forward” interest-bearing claims.

The registrations with EFRI indicate that quite a number of investors with investments up to several 100 Euros never received their tokens into their wallets. These small amounts also qualify for an interest-bearing registration in the liquidation procedure.

In our opinion, the above claims can be claimed at the exchange rate of the ETH and BTC at the time of the deposit and increased by an interest amount.

Founders closed website, social channels and access to dashboard

On 15 January 2019 Michael LUCKOW and his team (only they have access to the online media) closed all social channels and websites of envion on the instructions of the liquidator. Only the reference to the page of the bankruptcy administrator still appears.

The spokesman for the founding team Martin LAURENT posted the following information on the EnvionFounder telegram channel, which is still open.

Already one day earlier, the EVN Dashboard for the Tokeninvestors was obviously closed as well resp. has no longer been available.

Many of the investors have never transferred their EVN tokens acquired in the Token Sale away from the wallets provided by envion. These tokens have been administered by TRADO GmbH – comparable to a central crypto exchange. Due to the unavailability of the dashboard, these investors can no longer dispose of their tokens.

So far there is no feedback from Laurent if the problems with AWS could be solved. We have now inquired with the liquidator and he has agreed to take care of the matter “Dashboard”.

Speculation issues

The uncertain situation about the liquidator’s approach also leads to speculative purchases of EVN tokens on the secondary markets.

There are now two wallets that have seen massive purchases of EVN tokens in recent weeks:

The EVN tokens were purchased on the secondary market at prices of EUR 0.07 and below. It will be interesting to see if these speculations will lead to the desired result for the speculators and how the liquidator will deal with it.

We again advise to join the Envion Investors channel on Telegram to participate in the discussions around all these issues and to remain updated.

Will keep you updated..

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