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Cointed files bankruptcy petition

Berlin/Munich 10.10.18: For a long time there was speculation, anxiety and hope. Now it–s official:
The Tyrolean crypto currency company Cointed has filed an application for the opening of bankruptcy proceedings before the Innsbruck Regional Court.

This is a further blow for investors in Cointed, who had invested around 85 million euros in the company at the start-up ICO at the beginning of the year.

The bankruptcy petition was filed on 28.09.18. However, as the Austrian Standard reported with reference to information provided by Andreas Stutter, Vice-President of the Innsbruck Regional Court, the decision to open bankruptcy proceedings is to be delayed until the second half of October as not all the necessary documents have been submitted and the advance on costs has not been paid.

In July 2018 the CEO of Cointed, Mr. Wolfgang Thaler, spoke of new investors in China and comprehensive restructuring concepts to save the company. These rescue attempts now seem to have finally failed.

For months now, the Austrian Economic and Corruption Prosecutor–s Office has been investigating the Cointed company on suspicion of serious commercial fraud, the operation of a chain letter and pyramid game and the violation of the prospectus requirement in connection with the start-up–s ICO.

After executing a search warrant at the company–s Vienna location, the investigations of the public prosecutor–s office were expanded to include suspicions of embezzlement. Customer money, which was actually intended to be exchanged for Bitcoins, is said to have disappeared. The investigation is continuing.

For investors and customers alike, this development at Cointed means that they will have to endure protracted bankruptcy proceedings in order to enforce at least some of their claims.

CLLB Rechtsanw

Affected investors and customers should have their legal claims examined by a specialist lawyer for capital market law. The CLLB law firm supports affected investors in asserting their claims.

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