After the recent collapse of Kuetzal the Crowdlending business is a mess.
As of 21st January the Envestio website seems to be shut down and just gives a 404 page.
Both Wisefund and Monethera has made changes to their buyback policy since many investors are looking to get an early exit after the Envestio situation.
Envestio – what will happen?
Envestio has published this Facebook post:
We would like to address all our clients, investors, borrowers and other counterparties with the following very important issue. We proudly declare that till present moment Envestio managed to fulfill on time and in good faith all financial obligations to all contractual investors and borrowers, despite the very unfavorable situation in the crowdfunding market, provoked by the uncertainty and potential fail of Kuetzal platform.
Simultaneously with the recent concerns within the industry, we tracked repeatedly various technical attempts targeted to influence dramatically on stability of Envestio platform. They were performed through hacker attacks on our web site and platform’s internal structure and database.
At the same time, we noticed that destructive public relations campaign against Envestio has been initiated and which consisted of spreading knowingly false and unconfirmed information by numerous internet resources questioning financial stability and reliability of our platform, denigrating the reputation of the Envestio owners and key employees.
We tend to consider these attempts as a consistent and well-planned set of actions aimed to cause significant financial and reputational damage, as a result of which the Envestio platform should inevitably begin to experience substantial difficulties with current payments to its investors.
We assume that the ultimate goal of all these actions is to devalue overall Envestio’s business, and the subsequent potential raider takeover of the company or an attempt to eliminate the company from the industry, getting rid of as strong competitor. The implementation of the aforementioned scenario is evidenced by a number of factors and hostile actions that occurred precisely at the moment when a serious crisis of confidence reigned in the crowdfunding market and which actually was caused by the scandal surrounding the activities of the Kuetzal platform.
Envestio strongly condemns any actions aimed at further destabilizing the current crowdfunding market situation and disrupting the activity of the Envestio platform, as these factors together can lead to an uncontrolled solvency crisis, influencing not only Envestio but also other industry participants.”
I do believe that an attack has been made towards their website, however, I don’t see why they would have to close the website completely. They could at least show the message above on the website. There was no information on their twitter account. Only sharing this information on Facebook seems worrying.
If Envestio gets back up, it seems to be sure, that we can expect late payments.
Update: There is a Facebook group for investors of Envestio. They have set up a gofundme and Google Forms for a lawyer against Envestio. By doing this we increase our chance of recovering our money. However, we might never see our money again.
Also, Envestio is reported for money laundering, so that is probably why they have deleted their website and perhaps even database. They wanted to cover for something illegal.
I will be sure to update this post when new information arrives.
Wisefund is still running, however, they have informed all investors, that they will shut down the early exit function for now. It wasn’t only supposed to be used if the investor really needed the money and therefore had to get out.
Many investors are looking to save their funds by using the early exit function in this crisis. And the investors are doing so.
Wisefund expects to follow the current payment schedule for loans.
Monethera is a smaller high-risk platform, that also offers a buyback guarantee with a fee.
This seems like a great thing, but in the end, it might not be to much value if every company chooses to disable it due to high early exit requests.
Monethera has turned off its buyback function. Nonetheless, they expect to activate it when the market stabilizes. However, they do plan to follow the interest payment schedule, which is a positive.
The CEO of Monethera have a connection to the CEO of Envestio. This seems odd and is worrying me.
Crowdestor seems to be running fine and well their buyback fund is a better concept, when it comes to marked situations like this.
Last updated: 27-01-2020 19:37.