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 getting adventurous, and also they are trying to find brand-new methods to get the most significant bang for their buck. Cryptocurrency is one such avenue. However what if a crypto company that you hand over with your cost savings all of a sudden vanishes off the face of the planet without a trace? One such event has surfaced in Vietnam where the Chief Executive Officer of a cryptocurrency mining firm purportedly got away with mutual fund worth $35 million and also 600 computers.

The thought scams came to light last Monday when none of the financiers and also board participants could communicate with Skies Mining firm’s Chief Executive Officer Le Minh Tam. A team of 20 capitalists has because filed a joint issue versus the business at the Phú Nhuận Area police station of the Ho Chi Minh City.

Inning accordance with a record, Skies Mining’s head workplace in Phu Nhuan District is not operational and also 600 computers which were utilized for crypto mining have been eliminated from its manufacturing facility on the pretense of “maintenance job.”

The crypto mining firm’s deputy chairman, Le Minh Hieu, seems clueless concerning Chief Executive Officer Tam’s whereabouts as well as his purposes. He believes that Tam has gotten away to the United States with the firm’s funds. Hieu and his family are currently dealing with hazards from the financiers.

“(The board) has reported this to the authorities as well as showed evidence 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 business.

On Wednesday, Tam apologised in his post on Sky Mining capitalists’ group on Facebook. The missing Chief Executive Officer condemned the marketplace’s changability that evidently led to a drastic decrease in mining rig worth, sustaining heavy losses. He urged his investors to check out Skies Mining’s office to recuperate their money, yet it was found to be in a deserted state.

“My last resort is to remain hidden from public to secure my life,” he claimed in his apology, adding that he would ultimately proclaim insolvency.

Priya

A Business Correspondent at Cryptoheed, 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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