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 searching for new methods to get the biggest bang for their buck. Cryptocurrency is one such method. But suppose a crypto firm that you turn over with your savings suddenly goes away 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 apparently fled with investment funds worth $35 million as well as 600 computer systems.

The suspected fraud came to light last Monday when none of the investors and also board participants might establish contact with Skies Mining company’s Chief Executive Officer Le Minh Tam. A team of 20 financiers has actually considering that submitted a joint complaint versus the firm at the Phú Nhuận District police headquarters of the Ho Chi Minh City.

According to a report, Skies Mining’s head workplace in Phu Nhuan District is not operational as well as 600 computer systems which were made use of for crypto mining have actually been removed from its factory on the pretense of “maintenance job.”

The crypto mining company’s deputy chairman, Le Minh Hieu, seems clueless about CEO Tam’s location along with his intentions. He believes that Tam has actually taken off to the United States with the company’s funds. Hieu and also his family members are now dealing with hazards from the capitalists.

“(The board) has reported this to the cops as well as showed proof that we are innocent. We are victims too,” said Hieu, adding that CEO Tam was directly handling “gears as well as storage space” of the cryptocurrency mining business.

On Wednesday, Tam apologised in his post on Sky Mining investors’ group on Facebook. The missing CEO blamed the market’s unpredictability that evidently brought about a radical drop in mining gear worth, incurring hefty losses. He advised his financiers to go to Skies Mining’s workplace to recuperate their money, however it was discovered to be in a deserted state.

“My last option is to stay hidden from public to shield my life,” he said in his apology, adding that he would eventually state insolvency.

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