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Switzerland-based cantonal court of Zug, has shut down cryptocurrency mining firm Envion AG for an alleged unauthorized Initial Coin Offering (ICO), according to the report of German news media called Handelsblatt Global

Envion was established in Switzerland by Michael Luckow and Matthias Woestmann as an off-grid mining company that claims to use decentralized, clean energy like hydroelectric and solar to power its mobile mining units. Envion reportedly raised around $100 million through an ICO conducted in mid-January of this year.

Woestmann one of the company's founder, accused Luckow, a co-founder of the project, of not providing relevant information about the ICO, while Luckow reportedly states that Woestmann has always intended to push the company into liquidation.

It was also stated that 11 months ago, Envion promised to produce cryptocurrency coins in mobile trailers using renewable energy. One of the criticisms of Bitcoin and other cryptocurrencies is the massive amount of power they consume.

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