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 also they are searching for new avenues to get the most significant bang for their buck. Cryptocurrency is one such avenue. But what if a crypto business that you turn over with your savings unexpectedly vanishes off the face of the planet without a trace? One such case has surfaced in Vietnam where the Chief Executive Officer of a cryptocurrency mining firm purportedly left with investment funds worth $35 million as well as 600 computers.

The suspected fraud emerged last Monday when none of the financiers and board members can communicate with Skies Mining company’s Chief Executive Officer Le Minh Tam. A team of 20 investors has since submitted a joint problem against the company at the Phú Nhuận Area police headquarters of the Ho Chi Minh City.

According to a report, Sky Mining’s head workplace in Phu Nhuan Area is no more operational and 600 computers which were utilized for crypto mining have been gotten rid of from its factory on the pretense of “upkeep job.”

The crypto mining business’s deputy chairman, Le Minh Hieu, appears to be unaware regarding CEO Tam’s location in addition to his objectives. He believes that Tam has actually left to the US with the firm’s funds. Hieu as well as his household are now dealing with threats from the investors.

“(The board) has reported this to the authorities and revealed proof that we are innocent. We are victims as well,” said Hieu, adding that CEO Tam was straight taking care of “gears and storage” of the cryptocurrency mining company.

On Wednesday, Tam apologised in his article on Sky Mining capitalists’ group on Facebook. The missing Chief Executive Officer criticized the marketplace’s changability that apparently caused a radical decrease in mining gear worth, sustaining heavy losses. He urged his capitalists to visit Skies Mining’s workplace to recuperate their loan, but it was found to be in a deserted state.

“My last resource is to remain hidden from public to protect my life,” he said in his apology, adding that he would at some point state personal bankruptcy.

Priya

A Business Correspondent at Custom Coins, 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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