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

Financiers are getting adventurous, and also they are looking for new opportunities to obtain the biggest bang for their buck. Cryptocurrency is one such method. However what happens if a crypto business that you entrust with your cost savings suddenly vanishes off the face of the planet without a trace? One such occurrence has surfaced in Vietnam where the Chief Executive Officer of a cryptocurrency mining firm presumably got away with mutual fund worth $35 million as well as 600 computer systems.

The believed fraudulence came to light last Monday when none of the financiers and board members might communicate with Skies Mining firm’s Chief Executive Officer Le Minh Tam. A group of 20 investors has given that submitted a joint grievance against the business at the Phú Nhuận Area police station of the Ho Chi Minh City.

According to a report, Sky Mining’s head office in Phu Nhuan District is not functional and also 600 computers which were made use of for crypto mining have actually been gotten rid of from its factory on the pretext of “maintenance work.”

The crypto mining firm’s replacement chairman, Le Minh Hieu, appears to be unaware about CEO Tam’s location in addition to his intentions. He thinks that Tam has actually gotten away to the US with the firm’s funds. Hieu and also his family are currently encountering risks from the capitalists.

“(The board) has reported this to the police and also showed evidence that we are innocent. We are victims as well,” said Hieu, including that CEO Tam was straight handling “rigs and also storage” of the cryptocurrency mining company.

On Wednesday, Tam apologised in his post on Sky Mining capitalists’ group on Facebook. The missing out on Chief Executive Officer condemned the marketplace’s unpredictability that obviously led to a radical drop in mining gear worth, sustaining hefty losses. He prompted his financiers to visit Sky Mining’s workplace to recuperate their money, but it was found to be in a deserted state.

“My last option is to remain concealed from public to secure my life,” he claimed in his apology, adding that he would ultimately proclaim bankruptcy.

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