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

Investors are obtaining daring, as well as they are looking for brand-new methods to get the greatest bang for their dollar. Cryptocurrency is one such avenue. But what if a crypto firm that you delegate with your savings all of a sudden 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 firm allegedly took off with investment funds worth $35 million and 600 computers.

The believed scams came to light last Monday when none of the financiers and board participants can communicate with Skies Mining firm’s CEO Le Minh Tam. A group of 20 investors has actually because submitted a joint issue versus the company at the Phú Nhuận Area police station of the Ho Chi Minh City.

According to a report, Skies Mining’s head workplace in Phu Nhuan Area is no more functional and 600 computers which were utilized for crypto mining have been eliminated from its manufacturing facility on the pretense of “upkeep job.”

The crypto mining business’s deputy chairman, Le Minh Hieu, seems unaware concerning Chief Executive Officer Tam’s location in addition to his objectives. He thinks that Tam has fled to the United States with the firm’s funds. Hieu as well as his family are now dealing with hazards from the capitalists.

“(The board) has reported this to the authorities and revealed evidence that we are not guilty. We are victims too,” said Hieu, including that Chief Executive Officer Tam was straight handling “rigs as well as storage” 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 market’s unpredictability that obviously caused an extreme decrease in mining gear value, incurring heavy losses. He advised his investors to go to Skies Mining’s office to recuperate their cash, but it was found to be in an abandoned state.

“My last option is to remain hidden from public to safeguard my life,” he said in his apology, adding that he would at some point proclaim insolvency.

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