Former Crypto-Mining Firm Director Faces Charges in Alleged Misappropriation

Lek Tai Yong, a former director at crypto-mining firm Frontier Digital Asset Management, is facing charges related to the alleged misappropriation of $270,400 entrusted to him by the company's investors. The incident is said to have occurred shortly before 1 am on August 31. Lek, 26, is accused of making a false police report later that morning, claiming that he was robbed of the funds by two individuals.

Lek, who had also held directorial positions at other firms, including Frontier Capital Asset Management, Frontier Mining, and Gatdat, was charged on Wednesday with criminal breach of trust and providing false information to a police officer. A search with the Accounting and Corporate Regulatory Authority revealed his association with Curave, a firm dealing with web portals, where he served as chief executive. Presently, Lek is a shareholder and secretary at the management consultancy services firm LFG Creatives.

In connection with the case, Eddie Ong Wei Xian, also 26 and a former director at Million Auto, was charged with abetting Lek in committing criminal breach of trust. According to court documents, the alleged misappropriation occurred at Block 586A Pasir Ris Street 53. The charges highlight the legal consequences faced by individuals involved in financial impropriety within the cryptocurrency industry.