A group calling itself Concerned Envion Investors has been actively involved in putting together supposed evidence, proving that Mathias Woestmann the Envion CEO outsmarted the founders of Envion by forging documents that were in his favour.

 

It appears they eventually found some evidence to buttress their claims. According to a recent CCN report, this group currently “claims to have that evidence.” However, will such an evidence suffice. BIG has stated: “The case is complex – it centers around Envion AG, the company founded to produce cryptocurrency mining units, and also involves Apaton Capital AG, Apaton Finance GmBH, Boerseman GmBH, Quadrat Capital, Sycamore GmBH, Der Finanzinvestor, and Blockachain Intelligence Group (BIG).

 

A couple of months ago, Envion CEO Mathias Woestmann claimed that $40 million worth of tokens had been illegally generated: “In addition to the 86 million tokens issued legitimately in the ICO, another 40 million have been generated without the knowledge of the Board of Directors. These were parked on various virtual wallets, some of which were then further distributed. After advertising the tokens on social media platforms, a portion of these digital securities was sold by the fraud perpetrators to crypto exchanges.”

 

Woestmann admitted fraud had taken place, stating: “It was our ambition to make crypto mining go green. I am all the more disappointed by this fraud, which has stricken not only our company, but also the entire Blockchain world.”

 

Blockchain Intelligence Group was hired Envion to conduct a forensic investigation into the matter. A report was subsequently presented. However, the full report is yet to be released. BIG asserted that it supports Woestmann`s accusations of illegal token generation.

 

In a blog post that was published by BIG, the firm explained that their role is simply to analyze and review data, not to place blame at anyone’s doorstep. The supposedly independent auditor went on to say: “Blockchain Intelligence Group was contracted by Envion AG to conduct a forensic cryptocurrency investigation. This is the full extent of our relationship with Envion.”

 

However, that does not appear to be true. Investors, founders, and journalists at FinTelegram allege that companies headed by Woestmann promoted and partnered with BIG during and after an early-stage capital raise – if true, the conflict of interest is such that they should never have been hired as auditors.

 

It appears that in January this year, with the ICO ongoing, a dispute had developed between Woestmann and the founders — contact was cut for four months without investor knowledge and with no progress in that time. The founders accused the CEO of squeezing them out – when investors challenged Woestmann to respond he released a video now stating that the founders had illegally created an additional 20 million tokens, not 40 million.

 

It emerged that, a month after the ICO, tokens were sold on exchanges by the founders despite there being a token freeze. Making reference to counterfeit tokens, Woestmann implemented a token swap to return investor funds with the promise that holders of original ICO tokens would be refunded, although buyers of “illegal” tokens would need to sue the creators of said tokens for their money back.

 

The founders claimed that their token sale was carried out to fund Trado GmBH and ultimately Environ itself after Woestmann allegedly stopped paying for hardware and staff wages. Founder Laurent Martin spoke to CCN stating: “The founders will continue court actions against Quadrat Capital and Sycamore: Woestmann, Thomas van Aubel, Jutta von Falkenhausen, and Dinnies von der Osten until such time as they decide to return shares to the founders,” Martin Laurent noted.

 

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