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 they are trying to find new methods to get the biggest bang for their buck. Cryptocurrency is one such method. But suppose a crypto business that you hand over with your savings suddenly goes away off the face of the planet without a trace? One such incident has actually emerged in Vietnam where the CEO of a cryptocurrency mining company purportedly got away with investment funds worth $35 million and 600 computers.

The presumed scams emerged last Monday when none of the capitalists and also board members might communicate with Skies Mining firm’s Chief Executive Officer Le Minh Tam. A group of 20 investors has actually given that submitted a joint problem against the firm at the Phú Nhuận District police headquarters of the Ho Chi Minh City.

Inning accordance with a record, Skies Mining’s head office in Phu Nhuan Area is not functional and 600 computer systems which were used for crypto mining have actually been removed from its factory on the pretext of “upkeep work.”

The crypto mining firm’s replacement chairman, Le Minh Hieu, appears to be clueless regarding Chief Executive Officer Tam’s location in addition to his objectives. He believes that Tam has actually run away to the United States with the company’s funds. Hieu and his household are now encountering dangers from the investors.

“(The board) has reported this to the police and revealed evidence that we are blameless. We are victims too,” stated Hieu, adding that Chief Executive Officer Tam was straight managing “gears and storage” of the cryptocurrency mining company.

On Wednesday, Tam apologised in his article on Skies Mining financiers’ group on Facebook. The missing out on Chief Executive Officer criticized the marketplace’s changability that evidently led to a drastic decrease in mining gear value, sustaining hefty losses. He urged his capitalists to go to Sky Mining’s office to recoup their cash, but it was located to be in an abandoned state.

“My last hope is to remain concealed from public to shield my life,” he stated in his apology, including that he would ultimately state personal bankruptcy.

Priya

A Business Correspondent at Gamecointalk, 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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