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 obtaining adventurous, and they are trying to find new avenues to get the largest bang for their dollar. Cryptocurrency is one such method. But suppose a crypto business that you leave with your savings unexpectedly disappears off the face of the planet without a trace? One such incident has actually surfaced in Vietnam where the CEO of a cryptocurrency mining firm supposedly fled with investment funds worth $35 million and also 600 computers.

The suspected scams emerged last Monday when none of the capitalists as well as board participants might communicate with Sky Mining company’s Chief Executive Officer Le Minh Tam. A team of 20 financiers has actually since submitted a joint issue against the firm at the Phú Nhuận Area police headquarters of the Ho Chi Minh City.

Inning accordance with a record, Sky Mining’s head workplace in Phu Nhuan Area is no more functional and also 600 computer systems which were used for crypto mining have been eliminated from its factory on the pretense of “maintenance job.”

The crypto mining business’s replacement chairman, Le Minh Hieu, seems unaware concerning CEO Tam’s location along with his objectives. He thinks that Tam has actually gotten away to the US with the business’s funds. Hieu as well as his family members are now encountering hazards from the capitalists.

“(The board) has actually reported this to the cops as well as showed evidence that we are innocent. We are victims also,” said Hieu, adding that Chief Executive Officer Tam was directly taking care of “gears and also storage space” of the cryptocurrency mining business.

On Wednesday, Tam apologised in his message on Sky Mining investors’ team on Facebook. The missing out on Chief Executive Officer criticized the market’s unpredictability that apparently led to a drastic decrease in mining gear value, incurring hefty losses. He advised his capitalists to visit Sky Mining’s workplace to recuperate their loan, however it was discovered to be in a deserted state.

“My last resort is to stay hidden from public to shield my life,” he claimed in his apology, including that he would eventually state insolvency.

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