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Investors suspicious of Asama Mining
Friday,  8/10/2018, 20:22 

Investors suspicious of Asama Mining

The Saigon Times Daily

HCMC – Many investors of cryptocurrency mining firm Asama Mining recently leveled multiple accusations against the company on social media, including claims of fraud. However, they have failed to contact the head of the company to address these concerns to date, according to the local media.

Asama Mining reportedly operates cryptocurrency mining machines and is located in a technology zone in HCMC. The firm claims that investors can use Asama Coin for purchasing houses and land and for investing in stocks, or they can convert the coin into bitcoin. After injecting money into the firm, investors are promised one Asama Coin, equivalent to US$1.

However, investors now cannot convert Asama Coin into bitcoin as the firm has deactivated this function. Many of them want to sell their Asama Coins in exchange for cash, but no exchange floors are willing to accept this kind of coin as it belongs to a suspicious firm. As a result, Asama Coin has been rendered worthless.

Investors have also complained that the firm has not paid them refunds for more than a week. In response to the sluggish payments, a technical team at the firm explained in a group chat that Asama Mining is currently facing financial hurdles and will open an exchange floor instead, through which investors can conduct transactions with each other using Asama Coins provided by the company.

The local media quoted an unverified source among the investors as saying that the Asama Mining director will travel to the United States in mid-August and will rename the firm while the members of the managing board are in South Korea.

Asama runs the same business as Sky Mining, which was also accused of fraud weeks ago, in terms of capital mobilization and refunds. Investors have been promised a daily refund of 0.5-2.5% on their investments, which range from US$100 to US$10,000, and the interest rate was expected to reach 300% after a year.

In addition to promising astounding profits, Asama Mining and Sky Mining reportedly paid high commissions based on a multilevel marketing format for expanding their business networks. Asama Mining boasted it would achieve significant revenue and robust growth in the days ahead, prompting many people to invest in the firm in the hope of making a hefty profit.

Some technology experts have warned that Asama Mining runs the same risky business model as Sky Mining and iFan, but numerous people still continue to invest heavily in these firms in the hope of making quick money. The experts also noted that prevailing regulations in Vietnam do not allow transactions using cryptocurrencies and that violations will invite penalties under the law.

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