Another founder of a cryptocurrency mining company ran with investors’ funds worth $ 2.5 million.
A Hong Kong-based crypto mining company founder ran away with HK $ 20 million or $ 2.5 million worth of client investments. We are talking about Dennis Lau, founder of Forger Esports- an enterprise focused on eSports and IT equipment. Surprisingly, the company’s activity has recently turned to cryptocurrency mining.
Back in January, Forger Esports said during a conference held at the Macau Civil Servants Association that it plans to start operating with mining activities, which will bring an HK $ 200,000 or $ 25,500 USD income per month. Investors would have earned a fixed profit.
Everything was correctly operated until July when the winnings promised to investors were not paid. After a series of attempts, founder Dennis Lau is still missing today together with investors’ money. After more financiers complained to the police, it was determined that Lau would have a debt to them worth HK $ 50 million, almost $ 6.3 million USD (included: promised return).
The Monetary Authority of Macao (AMC) has created a notice on the issues involved in the usual FUD linked to crypto trading. Here’s a part of it:
“Any trading of these commodities involves considerable risks, including but not limited to those relating to money laundering and terrorism financing, against which all participants should remain vigilant.” The AMCM has also pointed out that all the banking and payment organizations based in Macao should not “participate in or provide, directly or indirectly, any financial services for the related activities.”
This is not the first time when a founder of a crypto-related company has run away with investors’ funds. On 31 July, TheCCpress reported that Chief Executive Officer of Vietnamese cryptocurrency mining company Sky Mining ran with $ 35 million after selling mining equipment to be leased to investors
