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Vietnamese Crypto Mining CEO Disappears with $35 Million

man without identity disintegrating into dust

According to local news outlet VnExpress, Le Minh Tam of Ho Chi Minh-based cryptocurrency mining operation Sky Mining has reportedly disappeared.

In a post left on Facebook by the company head, he claims he had to flee for fears of his life and would eventually return. However, it is generally accepted that he was selling mining machines in order to cover financial losses and will not likely be back.

Deputy chairman Le Minh Hieu claims the CEO stole the money and has now relocated to the United States. Hieu has formed a board in order to attempt to assess the level of losses incurred and possibly refund investors.

Following the news, local police received complaints from a large number of investors stating that the head office had closed down and over 600 mining machines had been removed by maintenance workers.

Sky Mining is a cloud mining operation that rents out cryptocurrency mining machines to be used by clients to mine their own cryptocurrency. For between a $100 to $5000 initial rental investors were promised a 300 percent return on investment within 15 to 18 months.

The company is estimated to have collected funding amassing to approximately $35 million from over 5,000 investors before being shut down.

Earlier this month a huge mining facility in the Chinese province of Sichuan was destroyed by flooding.

Image From Shutterstock

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