Veltyco Venture eSports.com Files For Bankruptcy

The dark empire around the German Uwe Lenhoff and his public Veltyco Group has to take another hit. Veltyco’s German subsidiary eSports.com AG, founded in 2017 to produce esports-related content, has filed for insolvency The eSports Observer reports.

According to The eSports Observer, the responsible district court in Munich mandated a provisional receivership on March 15, 2019, to secure the debtor’s assets until a decision regarding the insolvency claim has been made. In 2017, the co-founder and chief esports officer Benjamin Föckersperger told Inc. that the company spent “seven figures” on the domain name. Föckerperger had been fired from the company after a dispute with the now arrested Uwe Lenhoff.

In late 2017, eSports.com launched an initial coin offering (ICO) and allegedly raised $5.8 million. However, FinTelegram has received intel that the ICO was mostly faked and only a fraction of the officially communicated amount has been raised in the ICO. FinTelegram reported on the eSports.com ICO, read the respective report here.

People close to Lenhoff disclosed to FinTelegram that the Veltyco Group founder and main shareholder Uwe Lenhoff wanted to merge Veltyco with the eSports.com AG but his fellow shareholders refused their approval for such a transaction.