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, and they are looking for new avenues to obtain the greatest bang for their buck. Cryptocurrency is one such opportunity. However what happens if a crypto firm that you turn over with your savings unexpectedly goes away off the face of the earth without a trace? One such case has actually appeared in Vietnam where the CEO of a cryptocurrency mining company purportedly got away with investment funds worth $35 million and 600 computers.

The thought fraud came to light last Monday when none of the investors and board members could establish contact with Sky Mining company’s Chief Executive Officer Le Minh Tam. A team of 20 financiers has actually because filed a joint complaint versus the firm at the Phú Nhuận District police headquarters of the Ho Chi Minh City.

Inning accordance with a record, Skies Mining’s head workplace in Phu Nhuan Area is not functional and 600 computer systems which were made use of for crypto mining have actually been gotten rid of from its manufacturing facility on the pretense of “maintenance work.”

The crypto mining firm’s deputy chairman, Le Minh Hieu, seems unaware about CEO Tam’s whereabouts along with his objectives. He believes that Tam has actually fled to the US with the company’s funds. Hieu and also his family are now dealing with threats from the capitalists.

“(The board) has reported this to the cops and also showed proof that we are innocent. We are victims too,” stated Hieu, adding that CEO Tam was straight taking care of “gears and storage space” of the cryptocurrency mining firm.

On Wednesday, Tam apologised in his message on Skies Mining financiers’ team on Facebook. The missing Chief Executive Officer condemned the marketplace’s changability that obviously brought about a radical drop in mining rig value, sustaining hefty losses. He urged his capitalists to check out Skies Mining’s workplace to recover their loan, yet it was located to be in a deserted state.

“My last option is to stay hidden from public to protect my life,” he stated in his apology, adding that he would at some point declare insolvency.

Priya

A Business Correspondent at Ontologywiki, 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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