The ICO process is arranged very badly by Envion for Singapore (SG) investors. Right from the start, Envion did not state any restriction or exclusion for SG investment. In their write-up on the supported document for KYC submission, they even indicated SG Passport, National Identity or Driving License as relevant supporting documents for KYC submission. When the ICO open, Envion only then released the Subscription Agreement and Prospectus which state that SG investor is not allowed to participate. During ICO process, most SG investor may not tried to read through the  100 plus pages of subscription agreement and prospectus thoroughly to find that SG investor are to be excluded. The worst thing is that ICO payment setup process allowed the deduction of the ETH from the investors’ wallet before the completion of KYC process and document submission.

The questions to Envion are
(1) why can’t Envion stated clearly upfront that SG investor are to be excluded from this ICO?
(2) why can’t Envion release the Subscription Agreement and Prospectus earlier before the ICO open so that SG investors can read through the documents thoroughly and notice their ineligibility for participation before joining in the ICO? Would Envion have compromised anything to have these documents released earlier?
(3) why did Envion allowed the deduction of the ETH funds from investors’ wallet before the submission of KYC documents and completion of verification check? SG investors have the the ETH payment upfront deducted from their wallet only to have their application rejected later for refund (which we are not even sure for now when the refund would take place)? There are also additional gas fee incurred for this transactions to the SG investors. This is a very silly ICO workflow design which incur unnecessary work and cost for the refunds later if the KYC profile failed.

We are extremely angered and disappointed by the entire ICO process that Envion have managed. For SG investors who have been following closely on this ICO, it has been a big waste of time and effort to follow and standby this project even when there are a lot of FUD surrounding it. For those Who joined the bounty program, they could also end up promoting this ICO for nothing in return! We strongly feel that Envion team do own an apology to all the ICO participating SG investors for the MISLEADING INFO!!

For now we demand that the Envion team read this message, respond fully to these queries with transparency and process our ETH refund as soon as possible for us to move on. If not, this episode would reflect badly on Envion team and its investors relations!

From a group of very angry and disappointed SG investors

 

Obviously, there are some folks who keep spreading FUD (fear, doubt and uncertainty) in this channel. We don't know their underlying or rather ulterior motives for keep slamming this ICO. No doubt, certain information are not forthcoming due to NDA but this is part & parcel of the deal making process of securing the best contract terms post ICO. If one is not comfortable with the amount of info required, then it is only appropriate to leave this channel. For investors who are still interested to invest despite the lack of full information, invest ONLY what you can afford to lose!!