News reaching Ethereum World News indicate that the Envion (ENV) ICO venture has been shut down by a Swiss Court. Established almost a year ago, the venture run into turbulence when partners Michael Luckow and Matthias Woestmann went to court to settle a dispute regarding token allocation. Woestmann accused Luckow of wanting to mint more tokens than was initially agreed. Woestmann went on to engineer a capital increase to dilute Luckow’s thus initiating a domino effect of suits and counter-suits that has led to the current verdict by the courts.
According to the Handelsblatt Today, the Zug cantonal court has ordered the immediate shutdown of the firm and commencement of liquidation. Among other reasons, the court claimed that Envion had no auditing function as well as a non-existing board.