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
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