Sky Mining CEO Allegedly Flees With $35 Million USD of Investor’s Funds

Sky Mining CEO Allegedly Flees With $35 Million USD of Investor’s Funds

Cryptomining News
July 31, 2018 by Sandra Onyeiwu
1548
According to reports, the CEO of Sky Mining (a crypto mining company in Vietnam) disappeared with investors funds totaling about $35 million USD, and employees have no clue where he resided. Investors also found that 600 of the firm’s mining machines were uninstalled from the firm’s data center in the Dong Nai province, specifically in the
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According to reports, the CEO of Sky Mining (a crypto mining company in Vietnam) disappeared with investors funds totaling about $35 million USD, and employees have no clue where he resided.

Investors also found that 600 of the firm’s mining machines were uninstalled from the firm’s data center in the Dong Nai province, specifically in the town of Bien Hoa.
Investors and board members of Ho Chi Minh City-based Sky Mining have expressed fears that the company’s chief executive officer, Le Minh Tam, has fled the country.

Le Minh Hieu, the deputy chairman of the company, noted that he had formed an emergency board of 16 members to help “support investors” and determine what assets are left in the firm’s possession.

Le Minh Hieu claims that the CEO had likely taken money and assets to the United States. “[The board] has reported this to the police and showed evidence that we are not guilty.”

Meanwhile, Tâm, who had not been in contact with any of his colleagues since the incident was reported, posted a 44-second video on Telegram, where he claimed to be receiving medical treatment and promised to return investors funds.

“You will have your money, thank you for your cooperation, I did not run or go anywhere, I will come back soon,” he said.

The trick reveals an unfortunate side of the cryptocurrency, which is not surprising, that the rapid innovation and money that is made in the industry. With lack of regulation being the standard across the globe, crypto continues to expose itself to investment fraud and other malicious schemes.

 

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