Venom Foundation Ceases Operations in ADGM Amid Confusion Regarding Recent Announcements

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by Giorgi Kostiuk

2 years ago

Made with AI

Confusion has arisen within the blockchain community regarding recent developments involving the Venom Foundation. The Abu Dhabi Global Market (ADGM) Registration Authority (RA) clarified that the registered Venom Foundation in ADGM has ceased all operations and is not associated with the launch of a new blockchain network.

According to a public notice released by the ADGM RA on May 17, 2024, the Venom Foundation voluntarily cancelled its commercial license in February 2024. Mahesha Shetty, an ADGM registered insolvency practitioner, was appointed as the liquidator to wind down the foundation's activities effective March 22, 2024.

The statement from ADGM emphasized that the Venom Foundation, along with associated companies, has ceased all activities in ADGM. The foundation made it clear that they are not involved in any recent social media announcements about the launch of Venom Blockchain.

To address the confusion caused by another entity claiming to be the Venom Foundation and planning to launch a blockchain network from the Cayman Islands, the official Venom Foundation released a detailed announcement on May 16, 2024. They stated that operations have ceased, and they are no longer engaged in blockchain activities or token issuance.

The foundation highlighted the distinction between the ADGM-registered Venom Foundation and other similarly named entities to prevent further confusion among the public. They also mentioned that they no longer control any Venom-related social media channels linked to specific accounts like "Peter Kenz" and "Venom Network."

Since its initiation in 2022, the Venom Foundation faced skepticism, leading to its dissolution on December 16, 2023. The foundation is officially in liquidation and no longer operational, having complied with all legal requirements to wind down its operations. Any references to the Venom Foundation should be verified to ensure they are pertaining to the correct entity registered in ADGM.

This move was necessary to prevent misleading information from unauthorized sources and ensure clarity within the blockchain sector.

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