Vietnamese crypto mining company with financial difficulties

Crypto Mining Company CEO Disappears With $35 Million

Investors, Mining, News

Vietnamese crypto mining company with financial difficultiesSky Mining, a Vietnamese crypto mining company based in Ho Chi Minh City, Vietnam has reportedly got into difficulties after its CEO, Le Minh Tam, disappeared a week ago.

According to a VNexpress report, the missing CEO made away with around $35 million in investor funds as well as company assets and has since apologized for “everything” via a Facebook post.

According to the explanatory post, Le Minh Tam said that the crypto mining company had fallen as a result of increased market volatility and that “his last resort is to stay hidden from the public to protect his life.” Investors were then asked to visit the company’s head office located in the Phu Nhuan District to recover their investments.

Surprisingly, the head office has been shut down and the company’s signage removed as investors got to the site. Also, the 600 mining machines used in the company’s factory located in the neighboring Dong Nai Province Bien Hoa Town, had been taken away by a group of people who claimed to be “maintenance workers”.

Sky Mining paraded itself as the “largest” crypto mining company in Vietnam, promising 300% returns to investors who purchased mining rigs with the company. It now has 7000 mining rigs according to its investors before the incident.

What next for the crypto mining company?

Le Minh Hieu, who is the Sky Mining deputy chairman has since tried to bring the situation under control by setting up a “temporary board” tasked with evaluating the extent of the loss (around $35 million) and also calculating the remaining assets of the company.

According to the deputy, CEO Le Minh Tam is seeking refuge in the United States and would be in a better position to account for the company’s assets since he was in charge of the company’s mining rig and storage facilities.

The deputy has also reportedly come under threats from losing investors who are threatening to hurt his family in the wake of the incident.

“[The board] has reported this to the police and showed evidence that we are not guilty,” Le Minh pleaded while also saying even the members of the board “are all victims” to the embezzlement of the business funds.

Meanwhile, 20 investors have reportedly filed a petition with the Phu Nhuan District police and will hope that something is done to retrieve their funds from this crypto mining company as soon as possible.

I love everything about crypto. Simply can’t wait to see how blockchain technology changes our world for the better.

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