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 daring, and they are looking for new avenues to obtain the largest bang for their buck. Cryptocurrency is one such avenue. Yet suppose a crypto business that you turn over with your financial savings all of a sudden vanishes off the face of the planet without a trace? One such event has actually surfaced in Vietnam where the CEO of a cryptocurrency mining firm presumably ran away with investment funds worth $35 million as well as 600 computer systems.

The thought scams emerged last Monday when none of the capitalists as well as board participants can communicate with Sky Mining company’s Chief Executive Officer Le Minh Tam. A group of 20 capitalists has given that filed a joint issue versus the firm at the Phú Nhuận District police station of the Ho Chi Minh City.

According to a record, Sky Mining’s head office in Phu Nhuan District is not functional as well as 600 computer systems which were utilized for crypto mining have actually been eliminated from its factory on the pretense of “upkeep work.”

The crypto mining business’s replacement chairman, Le Minh Hieu, appears to be clueless regarding Chief Executive Officer Tam’s whereabouts along with his intents. He believes that Tam has actually fled to the US with the company’s funds. Hieu and his household are now dealing with hazards from the financiers.

“(The board) has actually reported this to the cops and also revealed evidence that we are innocent. We are victims as well,” stated Hieu, adding that CEO Tam was straight handling “rigs and storage space” of the cryptocurrency mining business.

On Wednesday, Tam apologised in his blog post on Skies Mining financiers’ group on Facebook. The missing CEO blamed the market’s unpredictability that obviously brought about a drastic decrease in mining gear worth, sustaining hefty losses. He advised his capitalists to see Sky Mining’s office to recuperate their cash, yet it was found to be in a deserted state.

“My last resort is to stay concealed from public to secure my life,” he said in his apology, adding that he would eventually state bankruptcy.

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