According to reports by VnExpress, Vietnamese CEO, Le Minh Tam took all the funds and fled the country leading to collapse of a mining scheme in Vietnam. People visiting the company’s office found the building closed and mining rigs in the vicinity were being removed. The investors and board members tried to reach the CEO but to no avail.
All these factors guarantee the suspicion that Tam may have fled with $35 million and was later confirmed by Le Minh Hieu, the deputy chairman of Sky mining. He is now assembling a team to help him with the restitution of funds to investors.
Sky Mining presented itself as a company that specialises in mining a variety of cryptocurrencies through ASICs. Investors would pay for the managing these machines in the company’s facilities and would reap the rewards in the future. They were convinced to enter the deal of 300-percent returns within 12 months. It is suspected that Tam might have observed that the jig would be up at some point and decided to cut his losses and grab whatever he could.
In a private Facebook group for investors, Tam apologised “everything,” stating the unpredictability of the market as the reason for his exit.“My last resort is to stay hidden from the public to protect my life,” he added.
According to a report by The Epoch Times in Vietnamese, Tam later changed the story, saying that he is undergoing therapy and he reassured investors that he isn’t running from the company
“I will contact you as soon as possible to work with you through all the workshops, and you will have the money,” he said. While laying on a leather-backed bed, he added that “next week the mining rigs will operate again.”
The story doesn’t add up, and there is no proper explanation for why the mining rigs were removed. It is also likely that the 300-percent returns promised by Sky mining were unrealistic and the entire operation would prove to be a massive failure. ,
His previous updates suggested that he might declare bankruptcy for those who invested in the project. However, chairman Hieu’s statement suggests that it may indeed be an exit scheme.