Venom Foundation in ADGM Ceases Operations Amidst Confusion Over New Announcements

Recent developments involving the Venom Foundation have created confusion within the blockchain community. The Abu Dhabi Global Market (ADGM) Registration Authority (RA) has issued a statement clarifying that the Venom Foundation registered in ADGM has ceased all operations and is not connected to recent announcements about the launch of a new blockchain network.

On May 17, 2024, the ADGM RA released a public notice stating that the Venom Foundation, with registration number 000008382, has voluntarily cancelled its commercial license as of February 2024. This was followed by the appointment of Mahesha Shetty, an ADGM registered insolvency practitioner, as the liquidator to wind down the foundation's activities from March 22, 2024.

The cessation notice by ADGM emphasized:

“The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) wishes to inform members of the public that Venom Foundation, an ADGM registered foundation with registration number 000008382 (Venom Foundation ADGM), is no longer conducting any activities in ADGM having voluntarily cancelled its commercial licence in February 2024 and appointed a liquidator in March 2024 to wind down the foundation. In addition to Venom Foundation ADGM, associated ADGM companies Venom Blockchain Holding Limited with registration number 000007380 and Venom Blockchain Holding 2 Limited with registration number 000010061 also appointed a liquidator in March 2024 to wind down those companies. The RA wishes to alert members of the public that Venom Foundation ADGM and the associated ADGM companies are not associated with activities mentioned in recent social media announcements concerning the launch of Venom Blockchain. References in the recent social media to Venom Foundation are not to Venom Foundation ADGM.”

This statement was necessary due to the recent announcements made by another entity claiming to be the Venom Foundation, which has declared plans to launch its blockchain network from new jurisdictions, specifically the Cayman Islands. This has caused significant confusion, as the public struggled to differentiate between the two entities.

On May 16, 2024, the Venom Foundation in ADGM further clarified the situation with a detailed announcement. They reiterated that the foundation had ceased all operations and was no longer involved in blockchain activities or the issuance of utility tokens. The statement stressed the distinction between the ADGM-registered Venom Foundation and any other similarly named entities:

“Because of the liquidation, the Venom Foundation is no longer operational and is not pursuing its registered objectives of blockchain activities and issuance of utility tokens any further. Venom Foundation emphasizes that this pertains to the entity registered under the laws of the Abu Dhabi Global Market. Venom Foundation issues this statement to distinguish it from any other entities with a similar name operating elsewhere, which could lead to confusion around a direct or indirect relationship to the Venom Foundation in Abu Dhabi or ADGM.”

The foundation also made it clear that it no longer has control over any Venom-related social media channels, including accounts linked to "Peter Kenz", "Venom Network", and others. This clarification is crucial to prevent the public from being misled by unauthorized statements made by these accounts.

Having launched with much enthusiasm in 2022, the Venom Foundation's decision to dissolve on December 16, 2023, wasn't unexpected for many, given the skepticism surrounding its activities.

For now, the Venom Foundation as registered in ADGM is officially in liquidation and no longer operational, having taken all necessary legal steps to wind down its activities. Any future references to the Venom Foundation should be carefully scrutinized to ensure they pertain to the correct entity, as the foundation in ADGM has no connection to any new ventures or announcements being made by entities in other jurisdictions.