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 getting adventurous, as well as they are searching for new opportunities to obtain the greatest bang for their buck. Cryptocurrency is one such opportunity. But what happens if a crypto company that you turn over with your financial savings unexpectedly goes away off the face of the planet without a trace? One such occurrence has emerged in Vietnam where the Chief Executive Officer of a cryptocurrency mining firm purportedly got away with investment funds worth $35 million and 600 computers.

The suspected fraud came to light last Monday when none of the financiers as well as board members can communicate with Sky Mining company’s CEO Le Minh Tam. A team of 20 investors has considering that filed a joint issue against the firm at the Phú Nhuận Area police station of the Ho Chi Minh City.

According to a record, Skies Mining’s head office in Phu Nhuan District is not operational and also 600 computer systems which were used for crypto mining have actually been gotten rid of from its manufacturing facility on the pretense of “maintenance job.”

The crypto mining business’s replacement chairman, Le Minh Hieu, appears to be unaware about Chief Executive Officer Tam’s location in addition to his intents. He believes that Tam has fled to the United States with the company’s funds. Hieu and his family are now encountering dangers from the investors.

“(The board) has reported this to the authorities and showed proof that we are not guilty. We are victims also,” stated Hieu, including that CEO Tam was directly managing “rigs and storage space” of the cryptocurrency mining business.

On Wednesday, Tam apologised in his post on Skies Mining capitalists’ team on Facebook. The missing CEO condemned the market’s changability that evidently resulted in an extreme decrease in mining rig worth, incurring hefty losses. He prompted his investors to go to Skies Mining’s office to recoup their cash, however it was located to be in a deserted state.

“My last hope is to stay concealed from public to shield my life,” he said in his apology, including that he would at some point proclaim personal bankruptcy.

Priya

A Business Correspondent at Cryptobulletin, 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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