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 seeking new methods to get the greatest bang for their buck. Cryptocurrency is one such method. However suppose a crypto business that you leave with your financial savings suddenly vanishes off the face of the planet without a trace? One such incident has surfaced in Vietnam where the CEO of a cryptocurrency mining company allegedly left with investment funds worth $35 million and 600 computer systems.

The presumed scams came to light last Monday when none of the capitalists and also board participants can communicate with Skies Mining company’s Chief Executive Officer Le Minh Tam. A group of 20 financiers has given that submitted a joint issue versus the company at the Phú Nhuận District police headquarters of the Ho Chi Minh City.

According to a record, Skies Mining’s head workplace in Phu Nhuan District is no longer operational as well as 600 computers which were made use of for crypto mining have actually been eliminated from its factory on the pretense of “maintenance job.”

The crypto mining business’s deputy chairman, Le Minh Hieu, seems clueless concerning CEO Tam’s location along with his intentions. He thinks that Tam has actually gotten away to the United States with the company’s funds. Hieu as well as his family are currently dealing with hazards from the capitalists.

“(The board) has actually reported this to the cops as well as revealed proof that we are innocent. We are victims too,” claimed Hieu, adding that Chief Executive Officer Tam was straight taking care of “gears as well as storage” of the cryptocurrency mining firm.

On Wednesday, Tam apologised in his article on Skies Mining capitalists’ team on Facebook. The missing out on Chief Executive Officer criticized the marketplace’s changability that evidently caused a drastic decrease in mining rig value, incurring heavy losses. He advised his capitalists to visit Skies Mining’s workplace to recoup their money, however it was located to be in a deserted state.

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

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