Enron — yes, that Enron — announced Monday that it had relaunched to “solve the global energy crisis using decentralized technology,” some 23 years after the company collapsed in what was then the largest corporate fraud scandal in U.S. history.

“With a bold new vision, Enron will harness cutting-edge technology, human ingenuity and the spirit of adaptation to address the critical challenges of energy sustainability, accessibility and affordability,” the newly reformed company said in a statement today.

Enron hasn’t given much specifics about what exactly and how it plans to achieve – but the company says that “permissionless innovation” will be a cornerstone of its approach and that it plans to play a key role in the further development of “decentralized Technology”.

An Enron spokesman declined to comment when asked how exactly cryptocurrencies might be suitable for achieving the company’s new goals and whether the company has any plans to work with specific blockchains.

The most tangible information the company provided today concerned its plans to invest in renewable energy infrastructure, energy storage and advanced power distribution systems.

Enron was once one of America’s largest energy companies until a scandal in 2001 revealed that the company had hidden billions of dollars in debt through systematic fraudulent accounting practices. Enron’s subsequent multibillion-dollar bankruptcy—and the criminal charges brought against many members of its leadership—made the company’s name synonymous with corporate fraud.

Now, for the first time in decades, that name is being dusted off to realize still-unclear plans at the intersection of energy and crypto.

Enron acknowledged the elephant in the room on Monday, asserting that “ethical business practices” will be a key feature of its reincarnation. The company also plans to demonstrate a “renewed commitment to integrity” and “forgiveness.”

As far removed as Enron may seem from the world of cryptocurrencies, the company’s demise became clear again in late 2022 when industry leaders compared it to FTX’s then-looming collapse.

The bankruptcies of both now-infamous companies were overseen by the same executive, John J. Ray III said At the time, FTX’s misdeeds – even compared to those of Enron – were “unprecedented.”

Perhaps that’s a tempting prospect for Enron’s new executives: crypto is the only industry that is somehow already viewed worse.

Edited by Andrew Hayward