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 daring, and they are looking for brand-new opportunities to get the greatest bang for their buck. Cryptocurrency is one such opportunity. However what if a crypto business that you turn over with your cost savings suddenly goes away off the face of the earth without a trace? One such occurrence has appeared in Vietnam where the Chief Executive Officer of a cryptocurrency mining company allegedly left with mutual fund worth $35 million and also 600 computer systems.

The thought scams came to light last Monday when none of the financiers and board participants might communicate with Sky Mining company’s Chief Executive Officer Le Minh Tam. A group of 20 investors has considering that submitted a joint problem against the firm at the Phú Nhuận Area police station of the Ho Chi Minh City.

According to a report, Sky Mining’s head office in Phu Nhuan Area is no longer functional and also 600 computers which were utilized for crypto mining have actually been gotten rid of from its manufacturing facility on the pretext of “maintenance work.”

The crypto mining company’s deputy chairman, Le Minh Hieu, appears to be unaware regarding Chief Executive Officer Tam’s whereabouts along with his intents. He thinks that Tam has actually gotten away to the United States with the company’s funds. Hieu and also his family are now encountering threats from the investors.

“(The board) has reported this to the cops and also showed evidence that we are blameless. We are victims too,” said Hieu, adding that CEO Tam was straight handling “rigs and storage” of the cryptocurrency mining firm.

On Wednesday, Tam apologised in his post on Sky Mining capitalists’ team on Facebook. The missing out on CEO blamed the marketplace’s unpredictability that apparently caused a radical drop in mining gear value, incurring hefty losses. He urged his financiers to visit Sky Mining’s workplace to recover their cash, yet it was located to be in a deserted state.

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


A Business Correspondent at 1Bigbitcointeam, 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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