World’s first ICO shareholders hack!

Founders sue Envion CEO Matthias Woestmann’s Corp. for world’s first analogue ICO hacking. Outsider CEO faces charges after grab for $100 million ICO company, attempts to sell to highest bidder

The founding team of the Envion project have taken legal action against the shareholders of envion AG (Switzerland), namely Quadrat Capital GmbH, whose shareholder and managing director Matthias Woestmann is also acting as board member (CEO) of Envion AG, after he unlawfully secured the majority stake in Envion AG in breach of contractual obligations. The company has been left paralyzed with no word from Woestmann for many months.

Envion AG is a blockchain startup operating out of Berlin which produces cryptocurrency mining containers powered by renewable energy. After an Initial Coin Offering (ICO) that raised $100 million, plans to create mobile blockchain data centers which install on-site at power plants have now been put on hold by an acrimonious legal battle that pits the CEO against the rest of the company.

The founding team, led by Michael Luckow, partnered with the former newsman and energy industry investor Matthias Woestmann under the impression the elder businessman would bring in investors and advisors to the project from his network and could take up administrative responsibilities while the founders focused on the highly technical project. Woestmann instead proved to be a liability with investors and exploited administrative maneuvers to take control of the company without any visible attempt to execute on the business plan.

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MGA reacts to Italian Media

The Malta Gaming Authority would like to draw attention to media articles published by the Investigative Reporting Project Italy (IRPI), La Repubblica and the Times of Malta. The MGA objects to the articles in question which contain factual inaccuracies, speculation, untruths and a misleading portrayal of the Malta Gaming Authority and the way it operates. The latest published articles refer to rehashed stories on which enforcement action has already been taken accordingly by the MGA.

The MGA takes exception to the claim that “Gaming Companies threatened to leave Malta if it failed to clean up the sector”. These claims are completely false and solely intended to tarnish the reputation of the Maltese Jurisdiction.

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ICO, VC and DLT Regulations and Banking

Recently the Malta Financial Services Authority issued a framework for public consultation whereby details of proposed mechanics to offer a legal operation within regulatory boundaries into this space of an unregulated area.

This framework gets into the detail of legal personality, authorizations, smart contracts, DLT (Distributed Ledger Technology – Blockchain) and VC (Virtual Currencies).

Malta as an already established regulator in gaming sector is looking into being the first jurisiction to regulate such an emerging innovation through technology. The main objectives are to protect consumer, stability of the market and integrity of the same market.

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Wagerr, the decentralized sportsbook, pursues gaming license in Malta

Wagerr partners with ICOinMalta and iGamingAdvisors to obtain gaming license in Malta

In 2017, Wagerr introduced a new, decentralized approach to sports betting that immediately grabbed the attention of both the blockchain world and the sports betting industry. The initial offering surpassed initial expectations, triggering contingency rounds that were, in turn, completely sold out.

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MGA New Chief Executive Officer Mr. Heathcliff Farrugia

The MGA Board (in accordance with Article 14 of the Lotteries and other Games Act and after consultation with the Parliamentary Secretary for Financial Services, Digital Economy & Innovation, Hon. Silvio Schembri) has appointed Heathcliff Farrugia as the new Chief Executive Officer of the MGA with effect from 24 April 2018. Heathcliff Farrugia succeeds Joseph Cuschieri who earlier this month was appointed Chief Executive Officer of the Malta Financial Services Authority (MFSA).

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