CEO Sky Mining May be Gone With $35M

Information about the incident was also transmitted to the local police
31 July 2018   1223

From accounts of the Vietnamese mining company Sky Mining $ 35 million disappeared. According to the Coindesk, the funds could be stolen by the CEO of Le Minh Tam, who disappeared without a trace about a week ago.

Before disappearing Tam wrote on Facebook that the profitability of his business fell along with the prices of cryptocurrency and asked investors to forgive "for everything". He also invited them to the company's office in Ho Chi Minh City to allegedly return the invested funds and officially declare bankruptcy.

However, the arriving investors found that the office was closed, and 600 devices for crypto currency export were exported to an unknown destination.

Vice Chairman of Sky Mining Le Minh Hie suggests that there could escape to the United States. He also said that the company formed a council to help the affected investors and assess the damage caused.

Information about the incident was also transmitted to the local police.

In April, the Vietnamese authorities launched an investigation into the company Modern Tech, which is suspected of fraud and misappropriation of 32 thousand ICO-investors for $ 660 million.

Litecoin to Implement Reward Halving Successfully

Block reward was reduced from 25 LTC to 12.5 LTC on block 1,680,000
06 August 2019   118

Today, on August 5, the reward for the Litecoin block for miners was halved.

Halving happened on block 1,680,000, changing the block reward from 25 LTC to 12.5 LTC. The next halving will take place in four years - tentatively on August 2, 2023, as a result of which the block reward will decrease to 6.25 LTC, making digital silver even more scarce.

Litecoin Block Reward Halving Countdown
Litecoin Block Reward Halving Countdown

According to litecoinblockhalf, 75% of the total Litecoin supply has been mined so far. The current inflation rate of the coin is 4.26%, and after four years it should drop to 1.80%.

Many investors were sure that the market had long “digested” the positive expectations in connection with a decrease in cryptocurrency emissions and expected either a sideways price movement or even a decrease in the LTC rate.