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

Financiers are obtaining adventurous, and they are seeking new avenues to get the most significant bang for their buck. Cryptocurrency is one such avenue. Yet suppose a crypto company that you delegate with your savings all of a sudden goes away off the face of the earth without a trace? One such incident has actually surfaced in Vietnam where the CEO of a cryptocurrency mining company presumably fled with investment funds worth $35 million as well as 600 computers.

The thought fraud emerged last Monday when none of the investors as well as board participants can communicate with Sky Mining firm’s CEO Le Minh Tam. A group of 20 financiers has considering that submitted a joint problem versus the company at the Phú Nhuận District police station of the Ho Chi Minh City.

According to a report, Skies Mining’s head workplace in Phu Nhuan Area is no longer functional and 600 computer systems which were used for crypto mining have been gotten rid of from its manufacturing facility on the pretense of “maintenance job.”

The crypto mining business’s deputy chairman, Le Minh Hieu, seems unaware regarding CEO Tam’s whereabouts along with his purposes. He believes that Tam has gotten away to the US with the business’s funds. Hieu and his household are currently encountering hazards from the financiers.

“(The board) has actually reported this to the authorities as well as showed proof that we are blameless. We are victims too,” stated Hieu, including that Chief Executive Officer Tam was directly managing “gears and storage space” of the cryptocurrency mining company.

On Wednesday, Tam apologised in his message on Sky Mining capitalists’ group on Facebook. The missing CEO condemned the market’s changability that apparently brought about an extreme decrease in mining gear value, sustaining heavy losses. He advised his capitalists to check out Skies Mining’s office to recover their money, yet it was discovered to be in an abandoned state.

“My last option is to remain hidden from public to secure my life,” he said in his apology, adding that he would at some point state insolvency.


A Business Correspondent at Kranbitcoin, 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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