According to Newsweek, Le Minh Tam, the CEO of Vietnamese cryptocurrency mining startup Sky Mining, disappeared on July 26, taking with him $35 million in client investments.
The Sky Mining company promised that it would rent miners to investors for an amount from 100 to 5,000 US dollars. It was assumed that each miner would receive 300 percent of the profit for the year, and the lease period was from 15 to 18 months. After receiving funds from 5,000 investors, the company's CEO disappeared along with the entire amount.
Several investors went to pick up their miners last Friday and found a completely empty office and an empty company farm. Le Minh Tam sent a message on Sunday saying he sold them to cover financial losses and that he disappeared to protect his life. The CEO promised to return, however, his deputy Le Minh Hieu claims that he stole the funds and fled to the United States.
Some investors have already filed suit against the firm, although it is unclear whether they will be able to get their funds back. According to local news reports, Le Minh Tam controlled every aspect of the company, all mining operations and all funds.
Le Minh Hieu stated that he tried to create a temporary board to run the company in Le Minh Tam's absence, but death threats against him and his family forced him to close the company.
According to coindesk.com
You May Also Like
Mining one ether costs miners an average of $152
On the eve of the next Friday meeting of Ethereum developers, the founder of Atlantic Crypto announced the cost of mining one ether.
Washington State Will Raise Electricity Rates for Miners
According to International Business Times, the Grant County Public Utility District (PUD) released Rate 17, a bill that increases the cost of electricity for all “growth areas” by 15% starting April 1, 2019, by another 35% the following year, and finally by 50% in 2021.
