Monday, March 20, 2023

Zug crypto start-up is bankrupt

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35 employees found out about layoffs before Christmas

Zug-based crypto start-up Covario is bankrupt

The FTX scandal claims the first victim in Switzerland: Crypto broker Covario from Zug is bankrupt. The employees found out about the bankruptcy shortly before Christmas.


Trading in Bitcoin and Co. has not paid off for Covario AG.


Nicholas ImfeldEditor Economics

The bankruptcy of the crypto exchange FTX at the beginning of November shook the Swiss crypto valley with its 6000 jobs. Nobody wants to admit that in public. In the media, executives remained optimistic even after the FTX bankruptcy, but the mood is different behind closed doors. The Zug crypto scene is an industry full of fear and uncertainty (Blick reported).

Now the difficult year 2022 has claimed its first victim in Zug with the FTX scandal. The crypto trader Covario AG has deposited its balance sheet, as confirmed by the Zug commercial register and bankruptcy office at the request of “Zentralplus”. According to “Inside Paradeplatz”, the 35 employees found out about their fate shortly before Christmas.

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