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Crypto Mining CEO Reportedly Flees With $35 Mln

leminhtamb july31 lt

A Vietnamese cryptocurrency mining startup's chief executive officer has allegedly disappeared with $35 million in investor, company funds, reports said.

According to Vietnamese news outlet VnExpress, Le Minh Tam, the head of Sky Mining, which rents crypto mining machines, has been missing since July 26.

Around 20 investors complained to local police that the company has shut down its main office and removed around 600 mining machines. Some investors also filed lawsuits against the firm.

Minh Tam, who controlled all mining operations and funds, allegedly sold mining machines to cover financial losses. In a message later, he claimed to have disappeared to protect his life and that he would return.

Meanwhile, Sky Mining deputy chairman Le Minh Hieu said the CEO had stolen the funds and relocated to the U.S.

The startup, based in the capital city of Ho Chi Minh, is said to rent crypto miners for between $100 and $5,000 to investors, with a promise of a 300 percent return over a year. The investors could keep the machines for at least 15 to as many as 18 months.

Prior to the CEO's disappearance, the company is said to have received funds from around 5,000 individuals.

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