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 methods to get the biggest bang for their buck. Cryptocurrency is one such avenue. Yet what if a crypto firm that you leave with your savings all of a sudden disappears off the face of the planet without a trace? One such incident has emerged in Vietnam where the CEO of a cryptocurrency mining firm apparently fled with investment funds worth $35 million as well as 600 computer systems.

The believed fraudulence emerged last Monday when none of the capitalists as well as board participants can communicate with Skies Mining company’s CEO Le Minh Tam. A team of 20 investors has given that filed a joint issue against the business at the Phú Nhuận District police headquarters of the Ho Chi Minh City.

Inning accordance with a report, Sky Mining’s head workplace in Phu Nhuan District is not operational as well as 600 computers which were made use of for crypto mining have been gotten rid of from its factory on the pretext of “maintenance work.”

The crypto mining company’s deputy chairman, Le Minh Hieu, seems unaware regarding Chief Executive Officer Tam’s whereabouts in addition to his intents. He believes that Tam has actually gotten away to the United States with the firm’s funds. Hieu as well as his family are now dealing with threats from the financiers.

“(The board) has reported this to the police and showed evidence that we are innocent. We are victims too,” stated Hieu, including that Chief Executive Officer Tam was straight taking care of “gears as well as storage space” of the cryptocurrency mining business.

On Wednesday, Tam apologised in his post on Sky Mining investors’ team on Facebook. The missing Chief Executive Officer blamed the marketplace’s unpredictability that evidently resulted in a drastic drop in mining gear worth, incurring hefty losses. He prompted his financiers to see Skies Mining’s workplace to recuperate their cash, but it was found to be in an abandoned state.

“My last option is to remain hidden from public to shield my life,” he stated in his apology, adding that he would at some point declare personal bankruptcy.

Priya

A Business Correspondent at Coinchats, 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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