For any of you following the Envion saga, new news came out today about the future of the company. I can’t figure out whether this is bad news or good news because it could be interpreted both way I guess. The glass half full crowd thinks that FINMA investigation is positive because it will force the hand of the CEO to be more transparent so that investors are mostly protected for now. FINMA seems similar to the SEC in the United States and they are officially questioning if this is even a legal ICO according to the law. It might not be and if it’s not, the money raised from the ICO is on lockdown in Frick bank due to a judicial injunction. If the ICO is deemed illegal it would seem that investors would have to get some of their money back according to how many tokens they hold. 100m can’t just evaporate right?
The glass half empty thought process is that the fact FINMA is involved at all can not be a good thing and this could get dragged out for months or even years before it is settled. The ending could take as long as Mt. Gox and the forced sale of BTC by the trustees. In this case we most likely get our money back but who knows if it’s in cash or in ETH or BTC which is how 90% of the investors funded the ICO. Some people like me have increased their position of tokens gambling on a positive verdict that will allow the project to continue. This could actually work very well for me or very bad against me depending on the court rulings.
Either way....I am pot committed at this point and I’m not selling. The market is not liquid enough for me to dump my position anyway and the upside is enormous if I’m right. I guess that’s just the risk you take gambling on an ICO, Envion sure is one heck of an idea and one that could have been very successful if things didn’t get sideways. The good News is FINMA is very pro Cryptocurrency and all about protecting investors from fraud and deceit. The press realease is below if you wanna check it out.