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 daring, as well as they are searching for new methods to obtain the largest bang for their dollar. Cryptocurrency is one such method. However what happens if a crypto company that you turn over with your cost savings unexpectedly vanishes off the face of the earth without a trace? One such event has surfaced in Vietnam where the CEO of a cryptocurrency mining company apparently fled with mutual fund worth $35 million and also 600 computers.

The presumed fraudulence came to light last Monday when none of the financiers and also board participants can establish contact with Sky Mining firm’s CEO Le Minh Tam. A group of 20 investors has actually since filed a joint grievance versus the firm at the Phú Nhuận Area police station of the Ho Chi Minh City.

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

The crypto mining firm’s replacement chairman, Le Minh Hieu, appears to be clueless about Chief Executive Officer Tam’s whereabouts as well as his purposes. He thinks that Tam has actually left to the US with the business’s funds. Hieu as well as his family members are currently encountering dangers from the capitalists.

“(The board) has actually reported this to the police and also showed evidence that we are innocent. We are victims as well,” stated Hieu, adding that CEO Tam was directly managing “gears and also storage” of the cryptocurrency mining company.

On Wednesday, Tam apologised in his article on Sky Mining investors’ team on Facebook. The missing out on Chief Executive Officer blamed the market’s unpredictability that evidently resulted in a radical decrease in mining gear worth, incurring heavy losses. He advised his investors to go to Sky Mining’s workplace to recoup their cash, yet it was found to be in a deserted state.

“My last resource is to remain concealed from public to shield my life,” he claimed in his apology, adding that he would at some point state bankruptcy.

Priya

A Business Correspondent at Beyond Bitcoinx, Priya Raja has more than three years of professional experience in journalism. She has worked as an Assistant Editor and Content Writer prior to this, and has done Technical Writing and Business Writing. Outside the professional realm, she loves blogging, painting, crafts, and dancing. Basically, anything CREATIVE!

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