Cryptocurrency mining CEO runs away with investors’ funds worth $35 millions

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July 31, 2018 by
Cryptocurrency mining CEO runs away with investors’ funds worth $35 millions

Capitalists are obtaining adventurous, and also they are trying to find brand-new avenues to obtain the most significant bang for their buck. Cryptocurrency is one such method. But suppose a crypto business that you leave with your cost savings instantly disappears off the face of the planet without a trace? One such incident has actually surfaced in Vietnam where the Chief Executive Officer of a cryptocurrency mining company presumably left with mutual fund worth $35 million as well as 600 computers.

The suspected scams came to light last Monday when none of the capitalists and also board members might establish contact with Sky Mining company’s Chief Executive Officer Le Minh Tam. A team of 20 investors has actually since submitted a joint issue versus the firm at the Phú Nhuận District police headquarters of the Ho Chi Minh City.

Inning accordance with a report, Sky Mining’s head office in Phu Nhuan Area is no longer functional and also 600 computer systems which were used for crypto mining have actually been removed from its manufacturing facility on the pretense of “maintenance job.”

The crypto mining business’s deputy chairman, Le Minh Hieu, appears to be unaware regarding Chief Executive Officer Tam’s whereabouts as well as his intentions. He believes that Tam has taken off to the United States with the company’s funds. Hieu as well as his household are now encountering threats from the investors.

“(The board) has reported this to the police and also revealed evidence that we are innocent. We are victims too,” claimed Hieu, adding that CEO Tam was straight taking care of “gears and storage space” of the cryptocurrency mining company.

On Wednesday, Tam apologised in his blog post on Skies Mining financiers’ group on Facebook. The missing out on Chief Executive Officer condemned the marketplace’s changability that obviously resulted in a drastic drop in mining gear value, incurring hefty losses. He prompted his investors to see Skies Mining’s office to recoup their money, yet it was located to be in a deserted state.

“My last hope is to remain hidden from public to shield my life,” he claimed in his apology, adding that he would eventually proclaim bankruptcy.

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